Matthews closes four-property express carwash portfolio in Iowa

NASHVILLE, Tenn. — Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm, completed the off-market portfolio sale of four express Shine Shop Car Wash facilities, according to a press release.

The properties are located across Iowa, in Ankeny, Waukee, Grimes and Johnston.

Associate Vice President Beryl Grant and Vice President Clay Smith represented the buyer in the transaction.

The Shine Shop Car Wash Portfolio was acquired by Rocket Car Wash, a national chain looking to expand, particularly in the Iowa market.

The seller, a private investor, was able to capitalize on the high demand for carwash properties, and received a strong return on investment despite the rising interest rate environment.

“It was a pleasure working with Rocket Car Wash to help facilitate their growth in the Iowa market,” said Grant. “Rocket continues to show strong growth in the market, as they continue to become a legitimate player on a national scale.”

The portfolio properties are 3301 N Ankeny Blvd., Ankeny; 1400 SE University Ave., Waukee; 601 NE Cypress Dr., Grimes; and 6035 Merle Hay Road, Johnston.

“This unique four-unit portfolio was acquired in a seamless transactional process with both parties achieving their long-term financial goals,” said Smith. “The seller was able to relinquish the coveted properties in a high-interest rate environment due to the high demand and overall success of the carwash industry.”