EL SEGUNDO, Calif. — Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm, recently closed the sale of Jasper Express Car Wash and Clabough’s Express Shine Car Wash, according to company press releases.
Jasper Express Car Wash, which is located in Jasper, Indiana, was purchased by ZIPS Car Wash.
Matthews was able to procure the buyer through an existing relationship.
The seller’s motivation was to capitalize on the aggressive carwash market and enter a more passive investment.
The seller owned Jasper Express Car Wash for one year and was able to capitalize on the equity they created by showing strong profits and sales figures in the first few months of operations.
“Our existing relationship with the seller created high-level trust throughout the transaction,” said Smith. “We were able to broker a deal that exceeded both parties’ expectations, and we look forward to growing our presence in the Indiana region.”
ZIPS, which is expanding at a fast-growth rate, was looking to grow its footprint in Indiana.
The site is near the company’s existing properties, making the acquisition even more desirable. Matthews closed the deal in about 60 days.
Clabough’s Express Shine Car Wash, located at 410 Wears Valley Rd. in Pigeon Forge, Tennessee, was purchased by Magnolia Holdings.
Magnolia was looking to expand its presence in East Tennessee.
Smith and Grant also handled this sale.
Matthews closed the off-market deal within 90 days of the LOI.
The brokers structured a simultaneous long-term lease with Magnolia Holdings for the land.
The carwash was sold in conjunction with another local carwash, which was owned by a separate entity.
“This quick-close transaction expanded the buyer’s portfolio in the sector as they were able to acquire two high-performing express carwashes in a quickly growing market,” said Smith.
Through the combination of properties, the agents increased the desirability of the deal, which included one business and one real estate sale, while the other included a business sale with the seller maintaining ownership of the land.
“Magnolia’s determination to acquire this property resulted in a fast and easy transaction,” Grant said. “The carwash industry is a popular sector right now as the industry’s technology continues to grow and modernize with the implementation of innovative consumer processing systems and better, smarter equipment.”