Hanley Investment Group Real Estate Advisors, a real estate brokerage and advisory firm specializing in retail property sales, has announced that the firm arranged the pre-sale of a new construction Quick Quack Car Wash in Moreno Valley, CA, located at the new Moreno Valley Marketplace Shopping Center, adjacent to March Air Reserve Base. The sale price was $3.2 million for the absolute triple-net ground lease. This is Hanley’s 47th express car wash sale in the last 24 months.
The developer and seller, Inland Iris Partners Inc., is an affiliate of The Lynch Group Inc. of Manhattan Beach, CA. The buyer, is a private investor based in Rancho Palos Verdes, CA.
“We procured a 1031 exchange buyer through an industry relationship and successfully closed escrow utilizing a pre-sale marketing strategy,” said Bill Asher, Hanley’s executive vice president. “We structured a 21-day due diligence period and closed escrow three months prior to the tenant’s formal rent commencement date. This sale represents the first Quick Quack Car Wash sale in California since August 2022.
“The car wash business, which is service-based and internet-resistant, is over a $15 billion industry that is growing at 3.2 percent annually. Advances in technology including the introduction of mobile apps, on-demand services, and subscription packages have increased efficiency and convenience, and have substantially increased demand for express car washing.”