RANCHO CUCAMONGA, Calif. — Progressive Real Estate Partners announced in a press release the $11,900,000 all-cash sale of a Chevron station, convenience store and carwash at 996 Mountain Ave. in Norco, California.
The purchase included both the business and the real estate.
Located within 1/8 mile of the heavily traveled I-15 freeway, the property is ideally situated near the signalized intersection of Hamner and Mountain Avenues with visibility to over 38,000 cars per day.
Progressive Real Estate Partners’ Victor Buendia, senior vice president of business and commercial real estate sales, represented the seller, a Los Angeles private investor.
Grace Su from Meiguo Realty represented the buyer, a Los Angeles-based private investor who also operates other gas station properties.
Built in 2000 and fully remodeled in 2020, the property features a high-volume Chevron station with 18 fueling positions and a self-service express carwash with 150’ tunnel.
In addition, there is a 22,000-square-foot building that is home to an ExtraMile convenience store with type 20 beer/wine license and two rental units that are leased to a national Valvoline franchisee and a window tinting company, providing monthly rental income for the buyer.
At 2.8 acres, the parcel provides room for growth to add additional services such as an EV charging station or fast food restaurant.
The property is ideally located on a major retail corridor in an affluent Norco neighborhood and enjoys strong demographics including a daytime population of 74,000+ as well as an overall population of 166,679 with an average household income of $107,768 within a 10-minute drive.
Neighboring retailers include Winco Foods, Target, Staples, O’Reilly Auto Parts, Starbucks, Baskin Robbins and others.
According to Buendia, “Within weeks of going to market we generated significant interest and identified an experienced well-qualified cash buyer, and we were able to close the transaction within 120 days, which is a comparably short time-frame for these types of transactions.” He added, “There continues to be strong demand for well-located high-volume gas stations with full-service convenience stores in SoCal’s Inland Empire. In this case, the property also offered the buyer the added value of receiving income from the rental units as well as the opportunity to expand given the size of the parcel.”