RealSource Group, a national commercial real estate brokerage company has announced the sale of more than $51 million in express car wash sale-leasebacks in the first quarter of 2022. The sales, which totaled 10 single-tenant net-leased sites located throughout the Midwest and southeastern states, were on behalf of two different operators. The purchased sites were operating with strong sales and EBITDA. These sales represent the first sale-leaseback transactions for both owners, who each operates fewer than 10 units right now.
According to RealSource’s senior vice president of investment sales, Austin Blodgett, “We generated multiple all-cash offers for 10 single-tenant net-leased car wash sale-leaseback investments in the first quarter and procured a different buyer for each transaction to achieve the highest price possible, guiding the entire escrow process, from buyer acquisition to closing.”
Blodgett explained that there were not many car wash properties for sale on the market, so anything that is well located with a long-term lease that hits the market is getting a full-price offer within the first few days of coming out. “