RealSource Group, a national commercial real estate brokerage company, announced the sale of a two-property Mach-1 Express Wash sale-leaseback portfolio. The sale price was $7.9 million.
Mach-1 Express Wash is a family-owned and operated business with over 15 years of experience in the express car wash industry. The company has 12 sites open or coming soon across Alabama, Delaware, Georgia, Mississippi, New Jersey, North Carolina, Ohio, and Pennsylvania.
The first property, a new, single-tenant 4,000-square-foot Mach-1 Express Wash, is located at 157 Plaza Drive on a one-acre pad to a Walmart-anchored shopping center in Forest City, NC. The second property is located at 1559 Rome Highway in Cedartown, GA, just 60 miles outside of downtown Atlanta. The single-tenant 4,000-square-foot Mach-1 Express Wash is situated on a one-acre pad in a Walmart-anchored shopping center and across from a Home Depot-anchored shopping center. “Both car wash locations have a 100-foot tunnel filled with top-of-the-line equipment and a new 20-year absolute triple-net lease,” said Austin Blodgett, Real Source’s senior vice president of investment sales. “The buyer purchased the two properties as a sale-leaseback from Mach-1 for a long-term hold and is taking advantage of the new, long-term lease, annual increases, and 100 percent bonus depreciation tax benefits that come with car wash properties in 2022.”