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Investor Drives Off with $4M Single-Tenant, Net-Lease Car Wash in Huntsville
RealSource Group has completed the pre-sale of a new construction, single-tenant net-lease investment occupied by Mach-1 Express Car Wash at a new Publix grocery-anchored shopping center in Huntsville, AL. The sale price was $4.3 million.
Austin Blodgett of RealSource, in association with ParaSell, Inc., represented the seller, a private developer, and the buyer, a 1031 exchange private investor, in the off-market transaction.
“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.”
The 4,000-square-foot car wash was built on 0.91 acres situated on a pad to the Publix-anchored center.
- ◦Sale/Acquisition
