COMMERCIAL REAL ESTATE TRANSACTION ALERT
Progressive Real Estate Partners, the Inland Empire’s leading retail real estate brokerage firm, announced today the $6,050,000 sale of Rancho Car Wash which islocated at 27378 Jefferson Avenue in Temecula, California. The prime location is directly off the heavily traveled I-15 freeway at the signalized intersection of Jefferson Avenue and Winchester Road with a traffic count of over 64,000 cars per day.
Progressive Real Estate Partners’ Victor Buendia, Business and Investment Real Estate Sales Specialist represented the buyer and seller both of which are Los Angeles County based private investors in the transaction.
Established in 1988, Rancho Car Wash offers full service hand car washes, auto detailing services and an Oil and Lube center. A 140’ double wide tunnel allows for exotic and oversized vehicle washes. The purchase included both the business and real estate and the buyer plans to remodel and upgrade the operation.
The car wash is an outparcel to a strip center that includes a variety of shops and services. Neighboring retailers include Food 4 Less, TJ Maxx, Dollar Tree, Starbucks, Jack in the Box and others. Furthermore, the property is in a heavily populated affluent area with approximately 148,000 people and an average household income of $84,432 in a 5-mile radius.
According to Victor Buendia, “Car washes in prime locations continue to be in strong demand and the excellent freeway adjacent location and 30+ year operating history made this car wash especially attractive to the buyer”. He added, “Not only are car washes an internet-resistant use, they typically generate strong cash flow and have proven to be resilient regardless of the economic environment”.