MORENO VALLEY, Calif. — Hanley Investment Group Real Estate Advisors announced in a press release that the firm arranged the pre-sale of a new construction Quick Quack Car Wash in Moreno Valley, California, 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 Investment Group’s 47th express carwash sale in the last 24 months.
Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko, President Ed Hanley, in association with Jason Gordon, president of Epsteen & Associates in Marina del Rey, California, represented the developer and seller, Inland Iris Partners, Inc., an affiliate of The Lynch Group Inc. of Manhattan Beach, California.
The buyer, a private investor based in Rancho Palos Verdes, California, was represented by Amy Kim at Hanbada Realty in Los Angeles.
“We procured a 1031 exchange buyer through an industry relationship and successfully closed escrow utilizing a pre-sale marketing strategy,” said Asher. “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.”
Asher adds, “The carwash business, which is service-based and internet-resistant, is over a $15 billion industry that is growing at 3.2% 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 carwashing.”
The Quick Quack Car Wash within the Moreno Valley Marketplace is located at 24855 Iris Ave. at the signalized intersection of Perris Boulevard and Iris Avenue (35,000 cars per day) in Moreno Valley.
The carwash sits on an 0.80-acre pad, and the co-tenancy includes Aldi, The Habit Burger Grill and Starbucks Drive-Thru, which are all under construction and scheduled to open for business later this year.
Tenants at the intersection include The Home Depot, Fitness 19, Carl’s Jr., Del Taco, Domino’s Pizza, IHOP, KFC, Pizza Hut, Subway and Walgreens.
Moreno Valley is the second-largest city in Riverside County by population and one of the Inland Empire’s population centers.
Moreno Valley is situated at the junction of State Route 60 and Interstate 215 in the Inland Empire with a population of approximately 4.8 million in the Riverside-San Bernardino-Ontario metropolitan area.
The region is expected to grow by more than 20% by 2048.
Moreno Valley is home to major regional employers, a growing healthcare industry and even hosts some Fortune 500 companies.
Moreno Valley’s largest employers include March Air Reserve Base, Amazon, Moreno Valley Unified School District, Riverside University Health Systems, Ross Dress for Less/DD’s Discounts, Aldi, Moreno Valley Mall and Kaiser Permanente Community Hospital.
Based in Roseville, California, Quick Quack Car Wash is a fast-growing chain of exterior-only express carwashes utilizing eco-friendly techniques in each of its locations.
Quick Quack’s filtering technology reclaims 100% of the water used in each cleaning operation and the company uses biodegradable and non-toxic soaps and cleansers.
Apart from a quick and entertaining carwash experience, Quick Quack is best known for unlimited carwash memberships, free vacuums and exceptional customer service from sharp-looking, tie-clad team members.
Quick Quack Car Wash has over 190 locations in Arizona, California, Colorado, Texas and Utah. Quick Quack Car Wash is the fifth largest carwash chain in the United States in 2022, according to Professional Carwashing & Detailing magazine.
“Express carwashes are one of the most profitable tenants in the net-lease sector and, therefore, we expect that this segment will continue to experience steady demand from investors in 2023,” Asher said. “With margins between 50% to 60%, the average location can be very profitable and withstand potential future economic challenges. In certain markets, top-performing carwashes have been backfilling vacant pads, former shop buildings and junior box spaces and are becoming quasi ‘anchors’ to a shopping center. These carwashes can bring tens of thousands of cars to shopping centers annually. Based on the recent expansion of numerous carwash operators nationwide (including Quick Quack), we expect to see a significant increase in the number of single-tenant net-lease ca wash properties for sale over the next 18 months.”
For more information, visit www.hanleyinvestment.com.
