Faris Lee Investments, a leading retail advisory, and investment sales firm has completed the $5,000,000 million sale of Moulton Parkway Auto Spa, a full-service car wash and gas station located at the signalized, hard corner intersection of El Toro Road and Moulton Parkway (75,700 vehicles per day), in Laguna Hills, CA.
Tom Chichester and Nick D’Argenzio, Managing Directors at Faris Lee Investments represented the seller from Newport Beach, CA.
As the only full-service hand car wash in the city of Laguna Hills, Moulton Parkway Auto Spa provides a captive and steady customer base for the new owner. Faris Lee Investments positioned the property as a unique business opportunity in Orange County with upside through rebranding and redeveloping the site into a new state-of-the-art express car wash.
“During these challenge times, buyers are going back to the core real estate fundamentals and focusing on ‘location, location, location’. Top markets like Southern California, and specifically Orange County, will continue to command top dollar,” said Tom Chichester. “We were able to create a bidding war, which lead to pricing well above Sellers expectations, and ultimately achieved a record price of over $7.7M per acre. At the same time, the Buyer felt comfortable paying top dollar in order to secure this legacy corner real estate in south Orange County.”
Faris Lee targeted Southern California car wash/gas station owners as well as value-add buyers through the company's proprietary database. The firm also established a partnership with Ten X Auction platform.
Faris Lee Investments generated multiple offers and attracted various investor profiles creating a bidding war prior to auction day. The buyer, a Los Angeles-based family, who already owners a few car washes throughout southern California, acquired the property and closed within the seller’s expected timeframe.