REALSOURCE ARRANGES PRE-SALE OF NEW WASH FOR $4.3 MILLION
RealSource Group, a national commercial real estate brokerage company focused on retail, healthcare, automotive, and education properties, announced the pre-sale of a new construction, single-tenant net-lease investment occupied by Mach-1 Express Car Wash at the new Publix grocery-anchored shopping center in Huntsville, AL. The sale price was $4.3 million.
RealSource’s senior vice president of investment sales, Austin Blodgett, in association with ParaSell Inc., represented the seller, a private developer based in Tampa, FL, and the buyer, a 1031 exchange private investor based in Riverside, CA, in the off-market transaction.
Mach-1 Express Wash is a family-owned and operated business with more than 15 years of experience in the express car wash industry with 11 sites opening or coming soon located across the United States (Alabama, Delaware, Georgia, Mississippi, New Jersey, North Carolina, and Ohio).
The new, single-tenant, 4,000-square-foot Mach-1 Express Wash was built on 0.91 acres at 1624 Old Monrovia Road at the signalized intersection of Old Monrovia Road and Johns Road (31,660 cars per day). The car wash is situated on a pad at the new Publix-anchored shopping center in Huntsville, the largest city in Alabama with a population of approximately 500,000.
Thus far in 2022, RealSource Group has completed the sale of 11 single-tenant net-leased car washes valued at more than $55 million located in the Midwest and Southeastern states. “We expect that the demand for new single-tenant net-lease car washes will continue to be strong in 2022,” said Blodgett. “There is currently little on the market that can compare to the return on a brand-new construction express car wash with a new 20-year triple-net lease with a corporate guarantee and annual increases. Also, accelerated depreciation is always a driver for investors to purchase these sites, giving them tremendous tax advantages over other retail asset types.”