Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NC Car Wash Buyers Clean Up with $5M Purchase and 6.40% Cap Rate
Matthews Real Estate Investment Services has brokered the sale of a Caliber Car Wash in Wilmington, NC, for $5,108,140. The transaction was completed by associate Chris Sands along with AVP and director Chuck Evans.
According to Matthews, the buyers were looking to exit the multifamily sector to purchase a long-term triple-net retail asset. The buyers received a cap rate of 6.40 percent in a pandemic-resistant and e-commerce-proof concept, plus a 20-year lease backed by a large private equity firm.
“Our clients were interested in diversifying their investment portfolio and exiting out of multifamily, a sector facing ongoing government regulation due to COVID-19,” Evans said. “The car wash sector is a great solution for investors looking to enter the retail field with a stable product, protected from the threat of e-commerce.”
The sellers were interested in the disposition of the facility to reinvest profit back into and expand other Caliber Car Wash locations.
