Sale of ARCO Gas Station & AM/PM Convenience Store in for $4.6M
Rancho Cucamonga, CA – Progressive Real Estate Partners, the Inland Empire’s leading retail real estate brokerage firm, announced today the $4.6M sale of a free-standing ARCO Gas Station and AM/PM Convenience Store located at 16815 Main Street in Hesperia, California. The station is situated on almost 1-acre of land with ample room to add additional fuel tanks and amenities in the future to address the growing market demand.
Progressive Real Estate Partners broker Victor Buendia, Business and Investment Real Estate Sales Specialist represented both the buyer and the seller in the transaction. The seller was an Orange County-based private investor and the buyer a Nevada-based private investor that previously operated multiple Chevron and ARCO stations throughout California.
Built in the late-1980s, the well-established station has eight fueling dispensers and a 2,500 square foot
AM/PM 24-hour convenience store where customers can purchase a variety of items including snacks, to-go coffee, drinks and alcohol (full liquor license). The purchase included BOTH the business and the approximate 1-acre of land. Ideally located on Main Street, which is a major east/west thoroughfare with average daily traffic counts of 30,500+, the station is also across from Midtown Shopping Center and surrounded by several national retailers including Stater Bros., US Bank, Jiffy Lube, Verizon Wireless, Starbucks and Subway.
According to Victor Buendia, “Gas stations continue to be in strong demand and especially in high growth areas like Hesperia and the High Desert region of SoCal’s Inland Empire. Not only are they the ultimate internet-resistant use, gas stations typically generate strong cash flow and have proven to be resilient even during economic downturns”. He added, “These transactions are often very complex due to environmental issues and other related factors. In this case there were several maintenance and SBA financing items that had to be resolved and we worked diligently with the buyer and seller to address those issues to achieve their mutual business and real estate goals.”
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1,000 lease and sales transactions in over 35 cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals. The firm is led by Brad Umansky, founder and president. For further information visit www.progressiverep.com.