California + Los Angeles + Net Lease | October 30, 2023

Triple-Net Valencia Car Wash Trades in Pre-Sale

Hanley Investment Group Real Estate Advisors arranged the pre-sale of a new BLISS Car Wash in Valencia. The sale price was $3.72 million for the absolute triple-net ground lease. This is Hanley’s 68th car wash sale in the past 36 months and marks its fourth property sale at this development, now totaling $13.84 million.

EVPs Bill Asher and Jeff Lefko represented the developer and seller, Fountainhead Development of Newport Beach. The buyer, a private investor based in Los Angeles, was represented by Jenny Eng at CBRE in Glendale.

“We procured a 1031 exchange buyer through an industry relationship and successfully closed escrow executing a pre-sale marketing strategy,” said Asher. “We structured a short due-diligence period and closed escrow in seven days, prior to the completion of construction and before the tenant opened for business. BLISS was formally paying rent at closing.”

Hear from retail CRE leaders like CenterCal Properties, Chief Executive Officer, Paul Kurzawa. Network with top retail owners, brokers, and investors at Connect Retail West on November 16 at the Luxe Sunset Blvd Hotel.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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