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Hanley Investment Group Arranges Sale of New Fast5Xpress Car Wash in Ontario, Calif., for $3.5 Million



The new express car wash is located adjacent to the Ontario Mills Mall, the largest outlet shopping mall in San Bernardino County

Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a new construction, single-tenant property occupied by Fast5Xpress Car Wash in Ontario, Calif., adjacent to the Ontario Mills Mall, one of the top shopping and tourist destinations in California. The sale price was $3.5 million for the new 35-year absolute triple-net ground lease.

Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. 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. The buyer, a private investor from Orange County, California, was self-represented.

“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. “We secured the buyer prior to closing their downleg and closed escrow before the expiration of the buyer’s 1031 identification period.”

Fast5Xpress is one of the largest and fastest-growing express car wash companies in Southern California. The chain currently has 20 locations open and operating, with two more under development.

Built in 2021, Fast5Xpress Car Wash occupies a 4,446-square-foot building on 1.17 acres at 4392 East Ontario Mills Parkway in Ontario. 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 property is also near the Interstate 10 Freeway (271,000+ cars per day) and Milliken Avenue.

“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 car wash service,” said Asher. “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.”

Fast5Express 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).

According to Asher, the U.S. car wash services market size is expected to reach $23.78 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.5%.

“The car wash industry is a service-based business, which makes it internet-resistant and poised for long-term growth,” continues Asher. “Increased car counts nationwide have resulted in more daily washes. There is less overhead per location due to the growing express car wash model. Furthermore, customer lifetime value is expanding due to ‘unlimited wash’ monthly subscription programs.”

Asher adds, “Express car washes are one of the most profitable tenants in the net-lease sector, with margins between 50% to 60%. As a result, we expect this segment will continue to experience steady demand from investors in 2023.”

Hanley Investment Group has sold 67 express car washes in the last 36 months, plus has another seven single-tenant express car wash net-lease investments in escrow or on the market valued in excess of $29 million.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families



Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.

A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.

Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.

“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”

Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”

Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.

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BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA



Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire

Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.

“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”

1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.

According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.

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Bizz Buzz

Hernandez resigns as County CEO; Snoke will continue filling in pending Board action



Leonard X. Hernandez resigned from the post of County Chief Executive Officer effective today. County Chief Operating Officer Luther Snoke has been filling in for Hernandez while Hernandez has been on leave and will continue to do so. The Board of Supervisors will act to appoint an interim or permanent CEO shortly.

“The Board of Supervisors appreciates the service Leonard provided to the public and the County organization, especially as we navigated our way through the pandemic and other very difficult challenges,” said Board of Supervisors Chair Dawn Rowe.

Hernandez provided the following statement:

“It has been an extreme privilege to serve as the Chief Executive Officer of San Bernardino County. I am thankful to the Board of Supervisors for their leadership and the hard-working men and women who do amazing work every day. Due to an urgent family health issue that requires my immediate and undivided attention, I have informed the Board of my resignation. Under the strong leadership of the Board of Supervisors and the County’s executive team, the County will continue doing great things for the residents of San Bernardino County.”

“The Board of Supervisors is committed to a seamless transition in staff leadership with no interruption in County services or impact on County residents or employees,” Rowe said. “Luther has performed well filling in for Leonard and I am confident in his ability to continue serving in this role until the Board takes action.”

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