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(Read more on the net lease market.)

BAKERSFIELD, CA-Nine net-leased auto care centers here and three others in California have hit the market at an asking price of $92.5 million, according to Marcus & Millichap, the listing agent for the 12-property Whitewater Auto Care Center portfolio. Besides the nine centers in Bakersfield, the properties–which are all on 25-year triple-net leases–include two auto care centers in Ventura and one in San Fernando.

The locations are in strong Southern California markets that historically have attracted high investor demand and aggressive pricing, says Glen Kunofsky, senior associate in Marcus & Millichap’s Manhattan office. Kunofsky and Lior Regenstreif, senior vice president in the firm’s Encino office, are representing the seller.

Regenstreif notes that the 25-year triple-net leases are all new, having commenced in September. He says that investors are likely to be drawn to the “very strong backing offered by both a corporate and personal guaranty from the tenant with a net worth well over $100 million.”

The seller is offering the properties to be acquired either individually or as a customized portfolio of three or more centers, according to the Marcus & Millichap brokers. Each of the auto care centers offers a combination of a full-service car wash, a convenience store, a gas station, a restaurant and quick lube services.

The centers range from 4,650 sf to 16,800 sf. The gasoline stations at the centers sell national brands such as Union 76 and Chevron, with a number of other national chains such as Circle K, Jiffy Lube Quick Lube as part of the operations.

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