Matthews™ represents seller in Driven Brands acquisition

Matthews™ represents seller in Driven Brands acquisition

HUNTSVILLE, Ala. — Watercress Car Wash joins the second largest carwash operator in the U.S.

HUNTSVILLE, Ala. — Matthews Real Estate Investment Services™ recently brokered the sale of Watercress Car Wash, as reported in a press release.

Watercress Car Wash is located at 7020 Hwy. 72 W. in Huntsville, Alabama.

The express carwash is approximately 4,550 square feet and is positioned in a high-traffic area that sees on average 45,000 vehicles per day.

The transaction was handled by Matthews Senior Associate Beryl Grant and Associate Vice President Clay Smith.

Matthews represented the sellers who were seeking to take advantage of the aggressive price points in the carwash market.

The property recorded high-performance numbers and is well-established in the area, making it a prime opportunity for investors.

The seller received 98.3% of the list price and an efficient transaction process, closing in only four months.

“Our unique specialization in the carwash sector allowed us to price accurately and source a qualified buyer,” Grant said. “Ultimately, we were able to maximize the exit price for our client.”

The buyer, Driven Brands, is the second-largest carwash operator in the U.S., according to the press release, with over 200 locations nationwide.

Matthews’ agents sourced the buyer through a previous relationship.

“We had experience with both our client and the buyer for this deal which helped minimize any challenges throughout the deal and close quickly,” Smith said. “The buyer received an in-demand asset and our client was very satisfied with the sale price.”

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