Irvine, Calif. (July 15, 2016) – Scott Hook, of Coldwell Banker Commercial Advisors, has announced the sale of a United Oil 76 gas station in the City of Corona Del Mar in Orange County, CA. The property which sits on a 10,454 square foot parcel sold for $4,500,000 with an approximate cap rate of 5%. Scott Hook, Executive Vice president of Coldwell Banker Commercial Advisors, represented the Buyer, a local investor, in this transaction. The property is located along Pacific Coast Hwy with close proximity to Corona Del Mar Plaza and Fashion Island.
“This is a unique property, as it represents only one of three gas stations located in the city Corona del Mar.” stated Scott Hook. “United Oil, who owns over 350+ gas stations primarily in California, has a long term lease on the property which made it ideal for the buyer’s 1031 exchange,” Hook added.
Scott Hook, Executive Vice President, is a leading expert in the sale of retail properties with a billion-dollar track record. Mr. Hook has approximately thirty years of commercial real estate experience, having exclusively listed and sold numerous multi-tenant shopping centers as well as single tenant triple net leased investments throughout his career. He has brokered over $1 billion in transactions. Mr. Hook’s most notable recent transactions were: Smart & Final Extra! in Sacramento and San Marcos, Shoppes at Wildomar – (7-Eleven, Starbucks, plus shops), (2) IHOP restaurants in Los Angeles and Huntington Beach, La Paz Gateway Center in Mission Viejo, The Plaza at Gordon Ranch in Lakewood, Orange Circle Redevelopment in Orange, and numerous single tenant properties throughout Southern California.