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2/12/25
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Two new construction, single-tenant properties occupied by a Quick Quack Car Wash were purchased by two private buyers in separate deals totaling $5.38 mil. Both properties had a new absolute, NNN ground lease with an initial term of 20 years.
22181 Barton Road, Grand Terrace |
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In one of the deals, a Pasadena-based private investor paid $2.7 mil for a new Quick Quack Car Wash ground lease at 22181 Barton Rd in the city of Grand Terrace, in San Bernardino County. The car wash is located on a 1.35-acre outparcel to a Stater Bros. Market-anchored shopping center, at the hard corner of Michigan St and Commerce Way, just off Interstate 215. Other tenants at the center include AutoZone, Miguel’s Jr, and McDonald’s.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller and developer, 5th Street Development, out of Del Mar. The all-cash buyer was repped by Patrick Toomey with Institutional Property Advisors. The new 20-year absolute triple-net ground lease has 10% increases every five years during the initial term with four five-year options.
In the other transaction, an all-cash 1031 exchange buyer out of central CA paid $2.68 mil for a new Quick Quack Car Wash ground lease at 515 South Lower Sacramento Rd in Lodi, in San Joaquin County. The property was developed by MEE Capital Investments and AdVal Properties Inc, on behalf of a private partnership.
The car wash sits on a one-acre outparcel to a Raley’s grocery-anchored shopping center near the signalized intersection of South Lower Sacramento Rd and West Lodi Ave. Co-tenants at the shopping center include Vista Oaks Charter School, Great Clips, Batteries + Bulbs, Huntington Learning Center, and Speedway. Retailers along Lower Sacramento Road include Walmart Supercenter, Lowe’s, Target, Safeway, BevMo, Burlington, Five Below, Food 4 Less, Hobby Lobby, In-N-Out Burger, Marshalls, Petco, Raising Cane’s, Staples, and Ulta Beauty.
The buyer was represented by John Kourafas at Visintainer Group, based in Fresno. Hanley Investment Group’s Asher and Lefko repped the seller in the deal. The new 20-year absolute triple-net ground lease has 10% increases every five years during the initial term with five 10-year options.
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