Hanley Investment Group Arranges Sale of New Construction Mister Car Wash in Meridian, Idaho (Boise MSA)

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Hanley Investment Group Arranges Sale of New Construction Mister Car Wash in Meridian, Idaho (Boise MSA)

June 20
10:50 2024
Hanley Investment Group Arranges Sale of New Construction Mister Car Wash in Meridian, Idaho (Boise MSA)

MERIDIAN, Idaho – 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 pre-sale of a new property leased to Mister Car Wash in Meridian, Idaho.

Hanley Investment Group’s Executive Vice Presidents Bill Asher, Carlos Lopez, and Kevin Fryman, in association with Oakmore Inc.’s Managing Partner Jeff Selick and ParaSell, Inc., represented the seller and developer, an affiliate of Cadence Capital Investments of Greenwood Village, Colorado. The buyer, a private investor from Salt Lake City, Utah, was represented by Cushman & Wakefield’s Executive Director Ralph Riedel, also based in Salt Lake City.

“We generated multiple competitive offers within the first week of marketing and procured an all-cash buyer who owned other similar net-leased investments in their portfolio,” said Asher. “We structured the transaction with a quick two-week due diligence period and a 30-day escrow. Our pre-sale marketing strategy allowed us to secure the buyer and successfully close escrow before the tenant opened for business. Overall, we sold the property in just 50 days from the formal marketing commencement to the close of escrow.”  

According to Asher, Mister Car Wash signed a new, long-term, absolute triple-net ground lease. The new 2024-construction, 5,381-square-foot Mister Car Wash is situated on a 1.04-acre parcel at 675 South Progress Avenue, at the signalized intersection of Main Street and Corporate Drive. The property is conveniently near Interstate 84 (with 118,500 cars per day) and the Meridian Road Exit (with 48,000 cars per day). Existing tenants in the vicinity include a Walmart Supercenter, Lowe’s Home Improvement, The Home Depot, WinCo Foods, Starbucks, Wendy’s, KFC, Taco Bell, and others. Additionally, there is a proposed residential and retail development west of The Home Depot, featuring plans for 83 single-family homes, 45 townhomes, 280 apartments, a hotel, retail box, and pads.

Within a five-mile radius of the property, there are over 202,000 people with an average household income exceeding $100,000. The area experienced a remarkable 49% population growth from 2010 to 2020 within a three-mile radius. Meridian, Idaho, and the Boise Metropolitan Statistical Area (MSA) rank among the top five fastest-growing cities and MSAs in the United States.

Headquartered in Tucson, Arizona, Mister Car Wash (NYSE: MCW) stands as the nation’s leading car wash brand and the largest car wash company in the United States, operating over 475 conveyor car washes nationwide. With more than 25 years of car wash experience, the Mister team prioritizes operational excellence, speed, and delivering a memorable customer experience through elevated hospitality. The Mister Car Wash service menu offers several levels of car washes, ranging from basic exterior washes to thorough detailing.

The company’s Unlimited Wash Club program represents the largest car wash subscription program in North America, with over 2.1 million accounts as of December 31, 2023. Monthly memberships contribute to 73.8% of the company’s total revenue. In 2023, over 194,000 new members joined, resulting in a 10.3% growth in the member base. Net revenue continues to climb, reaching $927.1 million—an increase of 5.8% from the prior year’s $876.5 million.

Founded in 1969, the company has steadily expanded and acquired smaller companies over the years. Mister has averaged 30+ new locations each year over the last five years and reportedly has plans to open 20 more units by year-end. An additional 300 projects are at various stages of development in its pipeline. To support its growth trajectory, Mister Car Wash has focused on its people—building a solid headquarters and regional store support infrastructure, providing robust training to develop and promote talent, and offering best-in-class benefits.

“The express car wash business is a $15 billion industry, partly due to its advances in technology, such as mobile apps, on-demand services, and subscription packages. These innovations have significantly increased efficiency and convenience, leading to a substantial rise in demand for express car washing,” said Fryman.

“The buyer of the Mister Car Wash in Meridian acquired a best-in-class single-tenant net-leased investment in one of the fastest-growing cities in the country,” noted Asher. “Single-tenant retail buyers will continue to seek opportunities with these characteristics and, more specifically, express car washes, due to their initial long-term leases, substantial tenant capital investment into each location, and high-profit margins.”

About Hanley Investment Group 

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.

For more information, visit www.hanleyinvestment.com.

Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Phone: 949.585.7684
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/

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