IE Business Daily Business news for the Inland Empire.
Progressive Real Estate Partners has negotiated the sale of a car wash in Los Angeles County.
The Rancho Cucamonga brokerage represented the seller, an Orange County investor whose named was not released, in the $1.7 million transaction, according to an statement on Progressive’s website.
The buyer was a Los Angeles investor who also declined to be identified.
Crystal Cave Car Wash is at 8845 Imperial Highway in Downey near Los Angeles. The property is at Imperial Highway and Lakewood Boulevard, an intersection that accommodates an estimated 53,840 vehicles on a typical day.
“Investors continue to show strong demand for essential-use retail with long-term lease structures, particularly when paired with infill locations and high traffic counts,” said Greg Bedell, senior vice president and managing director with Progressive, in the statement. “Crystal Cave Car Wash checked all of those boxes.”
