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 at McKinley Street and Griffin Way were bought by a private investor in Los Angeles who operates similar facilities in Temecula and Long Beach, according to Progressive Real Estate Partners in Rancho Cucamonga.
Information about the seller was not disclosed. The business and property changed hands in an online auction that attracted multiple bids and was completed in a little more than three months.
“Full-service car washes in prime locations continue to be in demand and especially in densely populated affluent trade areas,” said Victor Buendia, Progressive’s senior vice president of commercial real estate sales, in the statement. “The online auction was an opportunity to streamline the due diligence process and secure an all-cash buyer, which resulted in more favorable terms for the seller.”
Built in 1989, Merit Auto Spa underwent a renovation two years ago that included new tunnel equipment, roof replacement, and solar panels. It was also redesigned and remodeled.
In addition to the car wash, Merit Auto Spa has a cafe, market, and Mexican food restaurant. It also provides detailing and oil changes.
The property at 465 N. McKinley St. is near Corona Hills Marketplace, which is anchored by Walmart Supercenter, Vons, PetSmart, AutoZone, Applebee’s, and Red Robin. About 38,000 vehicles pass through the McKinley Street-Griffin Way intersection on a typical day, according to the statement.
It doesn’t have a Mexican restaurant in it. It had a trailer out in the parking lot where it used to serve the best tacos until the city of Corona made them get rid of the food part of the business. I must say Mary made the best burritos and tacos while you’d wait for your car to be completed. Now you just sit and wait forever for your car to get done. I’m canceling my membership.
It’s a joke this car wash. It cost almost Fifty dollars for a car wash. It’s not worth it at all. It a big joke on people who have there car wash there.