A Chevron gas station/convenience store in Laguna Hills was recently purchased by the property’s operator for $4.5 mil. It was sold by a SoCal-based private investor.
Built in 1973 and renovated in 2012, the property is situated on .37 acres at 23991 El Toro Rd, at one of the busiest intersections in Orange County, which sees more than 80,000 cars per day. It is within the major retail hub in South Orange County and across the street from the soon to be redeveloped Laguna Hills Mall. National retailers in the immediate area include Trader Joes, In N Out, Home Depot, Ralphs, and Nordstrom Rack.
Donald MacLellan, senior managing director, and Tom Chichester, director, with Faris Lee Investments, represented the seller in the deal. The buyer was repped by C-Store Realty. The property closed at a 4.17 percent cap rate.
According to Faris lee, the property garnered multiple offers, which created a bidding process and maximized the final sale price. It sold at one of the lowest cap rates ever for a gas station.