Matthews closes four-property express carwash portfolio in Iowa - Professional Carwashing & Detailing

Matthews closes four-property express carwash portfolio in Iowa

NASHVILLE, Tenn. — The Shine Shop Car Wash Portfolio was acquired by Rocket Car Wash, a national chain looking to expand.

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.”


Be sure to check out our follow up video interview with Matthews Real Estate Investment Services on this news.

You May Also Like

Crew Carwash honored in Glassdoor’s Best Places to Work awards

FISHERS, Ind. — The Glassdoor Employees’ Choice Awards are based on the input of employees who voluntarily provide anonymous feedback on Glassdoor.

Crew Carwash honored in Glassdoor’s Best Places to Work awards

FISHERS, Ind. — Earlier this year, Crew Carwash was named a winner of Glassdoor’s 16th annual Employees’ Choice Awards, honoring the Best Places to Work 2024.

The company reported it was ranked 11 out of 100 on Glassdoor’s Best Places to Work U.S. Large list with a 4.5 rating.

Sonny’s Enterprises acquires Washtech and Wash Pros

TAMARAC, Fla. — Washtech and Wash Pros are full-line equipment and supply distributors serving the Calgary and Edmonton markets.

M&A, mergers and acquisitions
Splash opens first Massachusetts wash, continues construction on others

MILFORD, Conn. — The latest wash is the chain’s first location in the state.

Hoffman Car Wash celebrates grand opening in Halfmoon

HALFMOON, N.Y. — This marks the family-owned business’s expansion to its 27th conveyorized tunnel location and its 31st facility overall.

Hoffman car wash logo
New Car Wash Convos features UT’s Shay Holle

AUSTIN, Texas — Holle, a senior at The University of Texas, has played in all 36 games in the 2022-23 season and has been included in the Academic All-Big 12 Team two years in a row.

Season 2 of Car Wash Convos Features Texas Women's Basketball Guard Shay Holle

Other Posts

B+E brokers sale of Caliber Car Wash  

NEW YORK — The Caliber Car Wash property located at in Kill Devil Hills, North Carolina, sold for an undisclosed price.

B+E brokers sale of Caliber Car Wash
Driven Brands to host fourth quarter, year-end earnings call

CHARLOTTE, N.C. — The conference call will be available via live webcast on Driven Brands’ Investor Relations webpage.

Industry mourns loss of Kenneth Stone

SYLVAN LAKE, Mich. — Stone was the president of Stone Soap Company, which was founded in Detroit in 1932.

Kenneth Stone
Whistle Express acquires 7 Louisville-area carwashes

LOUISVILLE, Ky. — The company also plans to partner with Clean Waves to develop an eighth Louisville-area location, to open later this spring.