B+E, a brokerage and technology platform for net lease real estate, has announced the sale of four car wash assets located in Florida and Texas for $22,051,281. The brokerage managed all aspects of the buy side transactions for a first-time net lease buyer.
“In less than 90 days, we helped our client identify, secure, and close on four outstanding car wash properties to fulfill his bonus depreciation need before the end of 2022. All properties were new 20-year sale-leasebacks and all were located in income-tax free states,” said B+E broker Jim Ceresnak. “In one example, we secured a deal at a cap rate almost 30 basis points higher than an almost identical comp for the same operator in the same market that closed only weeks before our client’s transaction.”