IE Business Daily Business news for the Inland Empire.
A full-service car wash in Corona has been sold for $7.1 million.
Merit Auto Spa was sold by an Orange County private investor to a Los Angeles County private investor, according to Progressive Real Estate Partners in Rancho Cucamonga.
Progressive represented the seller in the transaction. Both parties wished to remain anonymous.
The all-cash sale included the car wash and the property it’s located on at 465 N. McKinley St. That site is near Corona Hills Marketplace, a 270,000-square-foot shopping center anchored by a Walmart Supercenter, Vons, PetSmart, AutoZone, Applebee’s and Red Robin.
To save time, the seller chose to make the sale via online auction, which attracted multiple bids and was completed in 98 days. The buyer operates successful car washes in Temecula and Long Beach.
Built in 1989, the business underwent a major renovation two years ago that included replacing the roof, solar panels, and an interior remodel, according to Progressive.
Need more than that to justify the increase cost of living in California