RealSource Group has brokered the sale of two newly built, single-tenant Quick Quack Car Wash properties in Southern California, with both assets trading prior to opening for business. The pair of express car wash sites, located in Murrieta and Riverside, are each backed by new 20-year absolute triple-net ground leases to Quick Quack Car Wash. The combined transaction total reached $8.63 million, reflecting investor interest in long-term, passive net-lease income tied to the car wash sector.
Senior vice president of investment sales Austin Blodgett and associate Jonathan Schiffer, CCIM, led the RealSource Group team that represented the sellers in both dispositions. The sellers were described as two private Southern California-based developers that brought the new-construction properties to market on a pre-opening basis. The brokerage team handled marketing and negotiations across both locations, engaging with a broad pool of car wash and net-lease investors.
At 39480 Murrieta Hot Springs Rd. in Murrieta, the Quick Quack Car Wash property sold for $4.53 million. The buyer in that transaction was a private international investor that was represented by Dustin Lee of JK Realtage Group, Inc. The asset was structured as an absolute triple-net ground lease with a fresh 20-year term, positioning the buyer for long-term, bond-like income backed by the Quick Quack Car Wash tenancy.
The second property, a Quick Quack Car Wash at 3605 Van Buren Blvd. in Riverside, traded for $4.1 million. That asset was acquired by a private Los Angeles-based investor who represented themselves in the deal. Like the Murrieta location, the Riverside property is operated under an absolute triple-net ground lease with a 20-year initial term to Quick Quack Car Wash, providing the buyer with minimal landlord responsibilities.
Blodgett noted that while both properties attracted substantial investor attention, the ground-lease structure required additional education for many prospective buyers. He observed that a number of express car wash investors typically pursue fee-simple acquisitions to take advantage of bonus depreciation, creating a learning curve around the relative merits of ground-leased assets. The RealSource Group team fielded what Blodgett described as hundreds of calls, highlighting the combination of location, tenant strength and long-term fundamentals at each site.
According to Blodgett, both Quick Quack Car Wash properties ultimately went under contract with local buyers that have focused strategies in the Inland Empire area. The transactions closed ahead of the stores opening to the public, underscoring investor willingness to commit capital to pre-opening, net-lease car wash assets when supported by long lease terms and a recognized tenant brand.
