LEXINGTON, S.C. — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the acquisition of four separate carwash properties in Lexington, South Carolina, according to a company press release.
The transaction included an all-cash offer and 35-day close.
Matthews™ represented the buyer, a North Carolina-based private 1031 exchange buyer, who was interested in taking part in a sale-leaseback with the current tenant.
The buyer received high-quality investments with 20-year leases at a 5.8 percent cap rate.
This is the 10th property Matthews has sold to the client.
“The market is very competitive so investors must be willing to be aggressive on price,” Senior Agent Beryl Grant said. “Using our expertise and relationships we sourced a listing that fit our client’s investment strategy and aligned with the seller’s goals, allowing us to execute a seamless transaction process.”
The seller, International Car Wash Group, is the world’s largest carwash facility owner/operator, as stated by a press release.
The group will continue to operate in all four locations sold, establishing a favorable agreement in the sale leaseback.
