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November 3, 2020 Comments Off on Hanley Achieves Cap Rate Low for Richmond Car Wash Views: 583 Houston-Galveston, Texas News

Hanley Achieves Cap Rate Low for Richmond Car Wash

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Hanley Investment Group Real Estate Advisors arranged the pre-sale of a new-construction, single-tenant Quick Quack Car Wash in the Houston metro area. The sale represents a cap rate of 5.39%, reportedly a record-low for an express car wash net-lease transaction outside of California.

Hanley VP Austin Blodgett, in association with ParaSell, Inc., represented the seller, Read King Commercial, based in Houston. The buyer, a private investor based in California, was represented by Jason Hernandez of Marcus & Millichap in San Francisco. This is Blodgett’s eighth express car wash sale in the last eight months. 

Expected to open in November, Quick Quack Car Wash is located within the brand-new Waterview Town Center at 19311 W. Bellfort Blvd. in Richmond. Blodgett said, “All of the buyers that inquired on this property were immediately drawn in by the location of this shopping center, and the affluence of the surrounding neighborhoods.”

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