Phil Voorhees of CB Richard Ellis tells GlobeSt.com that the property is 100% leased to Goodyear Tire and Rubber Co., but has potential for additional development on the site, which was one of the reasons the buyer acquired it. Voorhees and Pat Scruggs, also of the Private Client Group in Newport Beach, represented both the buyer and the seller in a deal that closed at a 6% cap rate.
The new owner has extensive experience with properties developed for automotive uses such as car washes and auto service businesses, Voorhees says, so the new development on the site will most likely be designed for an automotive tenant. Built 1958, the freestanding building is a concrete block structure that the seller had owned since it was new.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
