4 Wheel Parts
At-A-Glance
Sold November 2022
Sale Price: $4,200,000
Cap Rate: 5.38%
Represented: Buyer (Sept 2022) & Seller (Nov 2022)
Location: Ventura, CA
Highlights:
- Helped client aquire this former Sears Auto building and the former Sears at Pacific View Mall, in September 2022
- During escrow, our Buyer was able to secure 4 Wheel Parts, on a new 10 year lease, which we then re-sold for him 2 months later
- Located Buyer the first week of marketing
- Multiple backup offers
Opportunity
Highlights
- Brand new, absolute net-leased (zero landlord responsibilities) long-term 10 year - Ideal 1031 exchange opportunity
- Corporate lease with Strong/National Tenant - 4 Wheel Parts is a leader in automotive parts and accessories with over 94 locations across North America
- Below market rent - Allowing for future upside by increasing rent or converting the existing structure into a multi-tenant building
- Ideal Southern California location in Ventura, CA - The property is situated directly as an outparcel to Pacific View Mall
- Excellent street frontage and visibility along Telegraph Rd (18,700 VPD), with easy access from US 101 (131,400 VPD)
- Pacific View Mall Location - Other notable tenants at Pacific View Mall include: Target, Trader Joes, JCPenny, Macy’s, 24 Hour Fitness, BevMo, Staples, etc.
- Affluent / Strong Demographics - There are over 125,000 people living within a 5 mile radius, with an average household income over $106,700
