P
rogressive Real Estate Partners has announced the sale of four non-operating carwash properties in Apple Valley, Hesperia, Pomona, and San Bernardino, California to three Southern California-based private investors in four separate transactions. The properties were purchased for an undisclosed amount. The Pomona, Hesperia, and Apple Valley carwashes have reopened under new ownership, while the San Bernardino location is expected to reopen in 2025. Victor Buendia, Senior VP of Carwash and Gas Station Sales at Progressive Real Estate Partners, exclusively marketed and represented the seller, an Arizona-based institutional investor, in all four transactions.
The four carwash locations include:
1) Apple Valley Auto Spa - Located at 10570 Bear Valley Rd., Apple Valley, California, this carwash is situated in a prime location near numerous national retailers such as Food 4 Less, Tractor Supply, and AutoZone. Built in 2008, the property features a 3,627 square-foot building with four enclosed bays, perfect for additional automotive services on 1.28 acres of land. Customers can choose between a full-serve or self-serve (express) carwash.
2) G Car Wash (formerly Bear Valley Car Wash) - Situated across from Desert Valley Hospital with approximately 1,000 employees, this full-serve carwash was built in 2008 on .68 acres of land. The building is 6,433 square-feet and includes four enclosed bays that can be rented out to additional automotive service providers.
3) Pomona Express Car Wash - Built in 2012, this property is located at the signalized corner of White Ave. and Orange Grove Ave. in a densely populated area with over 90,000 people within a two-mile radius. The self-serve express carwash features a 2,817 square-foot building on .42 acres of land.
4) Happy Boy Car Wash - Built in 1980, this full-serve carwash is located in close proximity to numerous national retailers including Stater Bros, CVS, Walgreens, McDonalds, and many others. The building is 4,000 square-feet on .8 acres of land.
According to Buendia, "These properties represented an excellent opportunity to acquire a carwash with existing infrastructure without the construction and entitlement risk typically associated with ground up construction or the additional goodwill premium a buyer would pay based upon purchasing an operating carwash."
realestate
Inland Empire Carwash Portfolio Sold: Progressive Real Estate Partners Completes Sale of Four Non-Operating Properties
Three Southern California-based private investors have purchased properties in Rancho Cucamonga for an undisclosed amount.
Read More - realestate
realestate
Developer Extell Faces Lawsuit Over Unpaid Legal Fees in Condo Dispute
Extell Development faces new lawsuit over unpaid bills for Lincoln Square project.
Read More - realestate
realestate
Skokie developer shifts focus from apartments to retail properties
Skokie Real Estate Developer Scales Back Plans, Drops Residential Complex for Retail Development
Read More
realestate
Millennials and Gen Z couples embracing non-traditional wedding gifts
Wedding planning: where being a picky bride is perfectly fine.