The Hanley Investment Group Real Estate Advisors has announced the sale of a new construction, single-tenant property located at 4392 East Ontario Mills Parkway in Ontario, California. The property, measuring 1.17 acres, is a retail space with a total square footage of 4,446. The sale took place on April 17, 2023, with a sale price of $3,500,000 and a price per square foot of $787. The seller of the property was Evergreen Development.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $3,500,000
• Address: 4392 East Ontario Mills Parkway
• Market: Ontario
• Acres: 1.17

The brokers involved in the sale were Bill Asher and Jeff Lefko, representing Hanley Investment Group Real Estate Advisors. According to Bill Asher, the executive vice president of Hanley Investment Group, the property achieved a premium cap rate and pricing due to its centralized location and a 35-year initial lease term. The buyer, an all-cash, 1031-exchange buyer from Southern California, was able to take advantage of these factors. The property is currently occupied by Fast5Xpress Car Wash, a rapidly growing express car wash company in Southern California. Fast5Xpress currently operates 20 locations and has two more under development.