Grand Terrace and Lodi, Calif. — Hanley Investment Group has brokered the sale of two newly-constructed, single-tenant properties totaling $5.4 million in California. Quick Quack Car Wash occupies each property on a 20-year triple-net lease basis.
The Quick Quack Car Wash located in Grand Terrace sold for $2.7 million. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, 5th Street Development, in the transaction. Patrick Toomey of IPA represented the buyer, a Pasadena-based private investor. The car wash is an outparcel to a Stater Bros. Market-anchored shopping center. Other tenants at the center include AutoZone, Miguel’s Jr., and McDonald’s.
The Quick Quack Car Wash located in Lodi also sold for roughly $2.7 million. A private partnership between MEE Capital Investments and Adval Properties Inc. was the developer. Asher and Lefko represented the undisclosed seller in the transaction. John Kourafas of Visintainer Group represented the buyer, a central California-based private investor. The property is an outparcel to a Raley’s grocery-anchored shopping center. Additional tenants at the center include Vista Oaks Charter School, Great Clips, Batteries Plus, Huntington Learning Center and Speedway.
Hanley Investment has completed the sale of $406 million in car wash-occupied investments in the past 48 months.