Hanley Investment Group Real Estate Advisors has arranged the $3.4 million sale of a newly constructed, single-tenant Super Star Express Car Wash in Lake Elsinore, CA. The property is located at the new Stater Bros anchored retail development at the signalized intersection of Central Avenue and Cambern Avenue.
Hanley Investment Group’s EVP Bill Asher and EVP and partner Jeff Lefko represented the seller and developer, Evergreen Devco Inc. The buyer, a private investor based in Southern California, was represented by Dan Riley, senior vice president at CBRE.
“Investor demand remains very strong for single-tenant net-leased express car washes in California,” said Asher. “Tenants such as Super Star make a significant capital investment into each location, providing investors with security and certainty for long-term ownership.”
Asher noted, “We generated multiple qualified offers and secured a 1031 exchange buyer on a pre-sale basis prior to completion of construction and closed escrow shortly after the tenant opened for business.”
The newly built Super Star Car Wash features a 20-year absolute triple-net ground lease with 10 percent rental increases every five years during the base term and each option period. The lease includes minimal landlord responsibilities, offering investors a passive, long-term, service-oriented retail asset backed by a 115-unit, multi-state operator.
“New construction, service oriented retail with long term, absolute triple net leases is one of the most highly sought after single-tenant investments in today’s market,” Asher said. “With Pollo Campero and Super Star Car Wash now open and Dutch Bros currently on the market, this Stater Bros anchored development continues to attract investors seeking high quality, best in class net lease assets in one of California’s fastest growing markets.”
