SRS Real Estate Partners has completed the $5.24-million sale of a Caliber Collision property located at 742 Main Street in Chula Vista. The 16,832-square-foot property recently completed construction and has a 15-year corporate-guaranteed absolute triple net lease in place.
SRS Capital Markets Senior Managing Principals Matthew Mousavi and Patrick Luther and Vice President Greg Labarre represented the seller, a Southern California-based developer. The buyer was a family trust from Southern California.
The property is part of a new development that will feature Starbucks, Quick Quack Car Wash, Taco Bell, Circle K, and Chipotle, among other recognizable brands, all being separately marketed and available for sale by SRS with a total value of approximately $30 million. It is less than one mile from Interstate 805 and Chula Vista Crossings, a Kohl’s-anchored retail center.
“This property had a significant amount of investor interest and sold over the asking price, which was a 5.5% cap rate,” said Luther. “This long-term tenant is poised to do significant business as it is located near multiple auto dealerships and auto service retailers and is in a densely populated area with more than 348,200 residents, and 81,200 employees within a one-mile radius.”
Mousavi added, “This was an ideal, fee-simple, low-maintenance opportunity for the new owner as it presents minimal property management responsibilities.”
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