Triple-Net Valencia Car Wash Trades in Pre-Sale
Hanley Investment Group Real Estate Advisors arranged the pre-sale of a new BLISS Car Wash in Valencia. The sale price was $3.72 million for the absolute triple-net ground lease. This is Hanley’s 68th car wash sale in the past 36 months and marks its fourth property sale at this development, now totaling $13.84 million.
EVPs Bill Asher and Jeff Lefko represented the developer and seller, Fountainhead Development of Newport Beach. The buyer, a private investor based in Los Angeles, was represented by Jenny Eng at CBRE in Glendale.
“We procured a 1031 exchange buyer through an industry relationship and successfully closed escrow executing a pre-sale marketing strategy,” said Asher. “We structured a short due-diligence period and closed escrow in seven days, prior to the completion of construction and before the tenant opened for business. BLISS was formally paying rent at closing.”
Hear from retail CRE leaders like CenterCal Properties, Chief Executive Officer, Paul Kurzawa. Network with top retail owners, brokers, and investors at Connect Retail West on November 16 at the Luxe Sunset Blvd Hotel.