Hanley Funding Group, an actual property brokerage and advisory providers firm based mostly in Corona del Mar that makes a speciality of retail property gross sales, organized the sale of a brand new Bliss Automotive Wash in Valencia for $3.72 million.
The association, which was a part of a 1031 alternate, marks Hanley Funding Group’s eightieth automobile wash sale within the final 48 months and the agency’s fourth property sale at this unnamed procuring middle, now totaling over $13.8 million.
“This sale represents the primary Bliss Automotive Wash to commerce as a leased funding,” Invoice Asher, an govt vice chairman at Hanley Funding Group, stated in a press release.
The brand new Bliss Automotive Wash, which is at present below development and is slated to open early subsequent 12 months, might be a 4,260-square-foot constructing positioned on the intersection of Copper Hill Drive and Rio Norte Drive.
Bliss Automotive Wash signed a long-term triple-net floor lease on the property a number of years previous to the change in possession.
Asher and Jeff Lefko represented the developer and vendor, Fountainhead Improvement of Newport Seashore, within the sale. Jenny Eng from CBRE Group Inc. represented the customer, a non-public investor.
“Specific automobile washes are one of the vital worthwhile tenants within the net-lease sector,” Asher stated, who famous that top-performing automobile washes anchor procuring facilities as they’ve the power to usher in tens of hundreds of vehicles yearly.
“With margins between 50% and 60%, the common location might be very worthwhile and face up to potential future financial challenges,” Asher stated. “Primarily based on the current growth of quite a few automobile wash operators, we count on a major enhance in single-tenant net-lease automobile wash properties on the market over the subsequent six to 12 months.”
Hanley Funding Group beforehand offered two new single-tenant floor leased pads – one leased to El Pollo Loco Drive-Through and the opposite leased to Circle Ok – along with a brand new, single-tenant new-leased funding Havana Savannah Espresso Drive-Through, all inside the identical improvement. All three have been offered to separate non-public consumers at record-low cap charges.
Originally posted 2023-11-03 16:57:24.