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2/28/23
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A private investor based in Rancho Palos Verdes purchased a new construction Quick Quack Car Wash in Moreno Valley, in a $3.2 mil absolute triple-net ground lease. The sale closed three months prior to the tenant’s formal rent commencement date.
The property is located at 24855 Iris Ave, within the new Moreno Valley Marketplace Shopping Center, adjacent to March Air Reserve Base. It sits on an 0.80-acre pad at the signalized intersection of Perris Blvd and Iris Ave (35,000 cars per day) in Moreno Valley.
Co-tenancy at the property 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.
Bill Asher, Jeff Lefko and Ed Hanley with Hanley Investment Group Real Estate Advisors, in association with Jason Gordon of Epsteen & Associates, represented the developer and seller, Inland Iris Partners, Inc, an affiliate of The Lynch Group Inc. of Manhattan Beach. The buyer was repped by Amy Kim at Hanbada Realty in Los Angeles, California.
Asher notes, “The car wash business, which is a 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 car washing.”
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.
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