Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the pre-sale of a new-construction, single-tenant Quick Quack Car Wash in the Houston metro area. The sale represents a cap rate of 5.39 percent, which is a record-low cap rate for an express car wash net-lease transaction outside of California.
In the last 18 months, Hanley has sold more than $92.4 million of single-tenant car wash properties across the country bringing the total value of car wash properties sold, in escrow, and listed for sale to more than $180 million.
Expected to open in November, Quick Quack Car Wash is located within the brand-new Waterview Town Center at 19311 West Bellfort Blvd. in Richmond. Waterview Town Center is a new 134-acre retail development.
“This transaction demonstrates the strong demand for new-construction net-lease retail assets in Texas, along with the strength of the growing express car wash buyer pool,” said Austin Blodgett, Hanley Investment Group’s vice president. “The fact that the tenant continued to pay rent, despite a global pandemic speaks to the strength of the car wash industry as a whole, and how express car washes will be poised for long-term success despite economic uncertainty.
“We will continue to push for aggressive cap rates nationwide on net-lease car wash offerings as buyers become more familiar with this asset type. We expect that the supply of net-leased car washes will continue to increase over the next 12 months as developers and operators continue to take advantage of this low-cap rate environment.”