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L.A Car Wash Expands Portfolio for $22M

LOS ANGELES—After selling its downtown location, the L.A. Car Wash Corp. buys four properties, including three Walgreens properties and a medical office building, in the last three months to complete its 1031 exchange requirements.

By Kelsi Maree Borland | Updated on September 30, 2014

LOS ANGELES—L.A. Car Wash Corp. has purchased four properties in the past three months for a total of $22.4 million. The four purchases were made as the upleg in a 1031 exchange after L.A. Car Wash Corp. sold its Los Angeles Car Wash facility in July of this year. Three of the properties purchased were Walgreens Pharmacies and the fourth is a medical office facility located in Greeley, CO.

“The properties purchased were all triple-net lease, meaning no owner responsibility, at a 6% cap rate, which is very good in this environment, and all stores were BBB credit rating,” Rod Delson, SVP with NAI Capital, tells GlobeSt.com. Delson represented the buyer in all four transactions, and represented it in the sale of the car wash in July.

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