Apple Valley, CA - Mister Car Wash

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in a NNN, corporate guaranteed (NYSE: MCW), Mister Car Wash investment property located in Apple Valley, California. The tenant, CWP California Corp., recently signed a brand new 15 year lease with 3 (5-year) options and 1 (4-year) option to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.

The asset has excellent visibility along Bear Valley Road (59,200 VPD) and is strategically positioned near the intersection of Bear Valley Road and Apple Valley Road
(25,400 VPD). The heavily trafficked intersection has a strong lineup of national/credit tenants including Home Depot, Target, Stater Bros, Lowe’s, and the Jess Ranch Marketplace. The retail center ranks in the top 98th percentile among shopping centers nationwide with 6.8M+ annual visits (per Placer.ai) and features retailers WinCo Foods, Cinemark, 24 Hour Fitness, Burlington, and Best Buy. The subject property is among the latest developments in the growing retail sectors of Apple Valley and Northern San Bernardino County. Mister Car Wash will occupy the southwest pad of the development, an ideal position adjacent to Sprouts Farmers Market. The site will receive significant crossover retail exposure from its position within the center and other retailers in the surrounding area. The 5-mile trade area is supported by a population of over 132,500 residents and 29,500 employees with an average household income of $89,882.