WESTMAC Commercial Brokerage Company has arranged the sale of 13418 Palm Drive in Desert Hot Springs, California for $1,160,000 at a 5.9% cap rate.
13418 Palm Drive is a single-story approximately 1,935 square foot building on approximately 10,454 square feet of land. The property is located between Hacienda Avenue and Ironwood Drive along main thoroughfare Palm Drive. It is leased to a Jiffy Lube franchisee with five years remaining on an absolute net lease.
Founded in 1971 and headquartered in Houston, Jiffy Lube is a leading provider of automotive preventive maintenance with over 2,000 locations throughout forty-nine states. The current tenant has been at the location approximately seventeen years with multiple options to extend remaining.
The buyer recently sold their commercial real estate in Venice and was in a 1031 tax deferred exchange. WESTMAC Commercial Brokerage Company was the listing broker on the downleg.
“The buyer wanted to exchange into an investment with little to no management responsibilities,” said Brian Hart. “The strong recession-proof nature of the automotive sector, absolute net lease, and built-in annual increases really appealed to the buyer,” he added.
Brian Hart and T.C. Macker, CCIM of WESTMAC Commercial Brokerage Company represented the Buyer. Jack Whalen of Kidder Mathews represented the Seller.