RICHMOND, TX—The recent sale of a Quick Quack Car Wash in the Houston metro area represents a cap rate of 5.39%, which is a record-low cap for an express car wash net-lease transaction outside of California. The buyer was a private investor based in California.
Austin Blodgett, Hanley Investment Group Real Estate Advisors' vice president, in association with ParaSell Inc., represented the Houston-based seller, Read King Commercial, in the transaction. The buyer was represented by Jason Hernandez of Marcus & Millichap in San Francisco.
Expected to open later this month, Quick Quack Car Wash is located within the new Waterview Town Center at 19311 West Bellfort Blvd. This 134-acre retail development has anchors including At Home, Academy Sports + Outdoors, Studio Movie Grill and LA Fitness. The newly established regional retail intersection will ultimately be comprised of more than 1 million square feet of retail space when completed.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
