Hanley Investment Group Real Estate Advisors arranged the sale of two new construction, single-tenant properties occupied by a Quick Quack Car Wash to two private buyers within 30 days. The two properties in Grand Terrace and Lodi sold for a combined $5.38 million, each with a new absolute triple-net ground lease with an initial term of 20 years.

In the first transaction, Hanley EVPs Bill Asher and Jeff Lefko represented the seller and developer, 5th Street Development in Del Mar, in the sale of a new Quick Quack Car Wash ground lease at 22181 Barton Rd. in Grand Terrace for $2.7 million. The buyer, a Pasadena-based private investor, was represented by Patrick Toomey, executive director with Institutional Property Advisors. 

In the second transaction, Asher and Lefko represented the seller of a new ground lease at 515 S. Lower Sacramento Rd. in Lodi for $2.68 million. The property was developed by MEE Capital Investments and AdVal Properties, Inc. The buyer, a central California-based private investor, was represented by John Kourafas at Visintainer Group.

Hanley Investment Group Real Estate Advisors arranged the sale of three new-construction, single-tenant properties occupied by a 950-square-foot Dutch Bros Coffee drive-thru format to three different private buyers in 30 days. The properties, which sold for a combined $8.08 million, each have a new 15-year initial absolute triple-net lease term. 

In the first transaction, Hanley EVPs Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development, in the sale of a new Dutch Bros ground lease at 14521 Ramona Blvd. in Baldwin Park for $3.32 million. The buyer, a San Gabriel Valley-based private investor, was represented by Brian Melkesian, an SVP with Lee & Associates in Ontario.

In the second transaction, Asher and Lefko represented the seller and developer, Evergreen Development, in the sale of a new Dutch Bros ground lease at 23140 Hemlock Ave. in Moreno Valley for $2.61 million. The buyer, a Los Angeles-based private investor, was represented by Ashley Berglund, of Granite Capital Group in Santa Barbara.

In the third transaction, Asher and Lefko represented the seller and developer, a local private investment firm, in the sale of a new Dutch Bros ground lease at 526 Nestles Rd. in Soledad for $2.15 million. The buyer, a private investor based in Northern Los Angeles County, was represented by Maxi Case with Century 21 Doug Anderson in Lancaster.

Marcus & Millichap finalized the sale of Olivetree Senior Citizen Apartments, a 44-unit seniors housing property located in Olivehurst. The asset sold for $3,265,000.

Senior associate Aaron Moayed and first VP investments Isaak Heitzeberg in Marcus & Millichap’s Sacramento office marketed the property on behalf of the seller, a government agency. The buyer, Dawson Holdings, Inc. (DHI), was also procured by Moayed and Heitzeberg.

The deal generated multiple competitive bids and closed in a record zero days on the market. “DHI was awarded a 9% tax credit allocation through the acquisition-rehabilitation tax credits, enabling them to enhance the value and sustainability of the property,” said Moayed. “The seller, in turn, received a premium on their property due to the cash-flow restrictions associated with the USDA RD 515 program, making the sale particularly advantageous.”

Olivetree Senior Citizen Apartments is located at 1901 7th Ave in Olivehurst. The tenants are poised to benefit from a comprehensive rehabilitation of the property. “This transaction represents a win-win for all parties involved, including the tenants who stand to benefit immensely from the outcome,” Moayed said.

Marcus & Millichap arranged the sale of Centre City Plaza, a 14,260-square-foot multi-tenant retail property located in Escondido. The asset sold for $3,950,000.

“The property was on the market for 30 days and received six offers,” said Nick Totah, SVP investments for The Totah Group in Marcus & Millichap’s San Diego Downtown office. “The seller was retiring, and with the continued growth of Escondido and demand for well-located retail properties, the buyer plans to hold as a long-term investment.”

Totah and Ross Sanchez, senior investment associate for The Totah Group, marketed the property on behalf of the seller, Cruz Associates, LLC. The buyer, White Board Poway Associates LLC, was also procured by Totah and Sanchez. 

Built in 1979, Centre City Plaza is located at 410 W. Felicita Ave. in Escondido. It was renovated in 2007 with major capital improvements, a new façade and in 2023 a new roof and parking lot.