![]() There is less overhead per location due to the growing express carwash model. “Increased car counts nationwide have resulted in more daily washes. “The carwash industry is a service-based business, which makes it internet-resistant and poised for long-term growth,” continued Asher. carwash services market size is expected to reach $23.78 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.5%. “The average household in Ontario owns two or more vehicles with nearly 280,000 people with an average household income of $96,660 reside within a five-mile radius.”įast5Express is less than two miles from the Ontario International Airport (5.5 million passengers, 2019) and less than half a mile from the Toyota Arena (11,000+ capacity venue).Īccording to Asher, the U.S. “The Ontario Mills Mall area is an outstanding regional retail destination pulling consumers from all over the Inland Empire, providing a very strong customer base of people that benefit from a subscription-based express carwash service,” said Asher. The property is also near the Interstate 10 Freeway (271,000+ cars per day) and Milliken Avenue. The property is located at the signalized intersection of Ontario Mills Parkway (16,175 cars per day) and Inland Empire Boulevard, and across the street from the Ontario Mills Mall (28 million annual visitors). The chain currently has 20 locations open and operating, with two more under development.īuilt in 2021, Fast5Xpress Car Wash occupies a 4,446-square-foot building on 1.17 acres at 4392 E Ontario Mills Pkwy. ![]() “We secured the buyer prior to closing their downleg and closed escrow before the expiration of the buyer’s 1031 identification period.”įast5Xpress is one of the largest and fastest-growing express carwash companies in Southern California, according to the release. “We procured an all-cash, 1031-exchange buyer based in Southern California and achieved a premium cap rate and pricing due to the 35-year initial lease term and centralized location adjacent to Ontario Mills,” said Asher. The buyer, a private investor from Orange County, California, was self-represented. ![]() Spanning the last 48 years, Evergreen is a national retail and multi-family development company with a heavy emphasis on developing projects in California, Colorado, Arizona and Utah. Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. The sale price was $3.5 million for the new 35-year absolute triple-net ground lease.
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