IE Business Daily Business news for the Inland Empire.
A recently built car wash in Lake Elsinore has been sold for $3.4 million.
Super Star Express Car Wash at Central and Cambern avenues was sold by Evergreen Devco, Inc. to a private investor who declined to be identified, according to Hanley Investment Group in Corona Del Mar.
Hanley Investment represented Evergreen Devco in the negotiations.
“Investor demand remains very strong for single-tenant net-leased express car washes in California,” said Bill Asher, an executive vice president with Hanley Investment, in a statement. “Tenants such as Super Star make a significant capital investment into each location, providing investors with security and certainty for long-term ownership.”
The property has a 20-year-lease with 10 percent rent increases every five years. It is next door to a neighborhood shopping center that includes a 7-Eleven, Pollo Campero, Dutch Bros, Coffee, and several open retail pads.
Its anchor tenant, a Stater Bros., market, is under construction and is expected to open later this year, according to Hanley Investment.
