Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Super Star Car Wash, a 5,037-square-foot net-leased property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,855,000.
Zack House, Chris Lind and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was procured by Hamid Panahi and James Crawley, investment specialists also in the firm’s Phoenix office.
“In conjunction with our net lease team in Phoenix, we were able to effectively execute a 1031 tax-deferred exchange for the client trading out of multifamily and into a more passive investment vehicle,” stated Crawley. “Cross-product collaboration combined with Marcus & Millichap’s extensive, exclusively-listed inventory were key in achieving a successful apartment sale and ensuring the preservation of our client’s equity with their new acquisition.”
Super Star Car Wash is located at 3930 East Baseline Road in Phoenix. The asset included a new 20-year absolute triple-net lease with 10% rental increases every five years. Built in 2016 on a 1.54-acre lot, the car wash is visible to over 59,360 vehicles per day along East Baseline Road and is just 1.5 miles from Interstate-10.
PIRTEK is a unique B2B franchise and one of the few industrial franchises available. Where there’s industry, there’s demand for hydraulic and industrial hose replacement. With over 40 years of experience, PIRTEK reduces equipment downtime by repairing and maintaining hydraulic and pneumatic powered machines, keeping businesses in operation.
This is an express brand-new car wash at a very good location, with 47 years lease. The seller's projections of the first-year revenues are as follows: 1) car wash $1,440,000, 2) detailing $1,080,000, and 3) lube $720,000. Total revenue is $3,240,000. Total expenses $453,000. Total Net $2,779,000.
BUSINESS AND PROPERTY FOR SALE. Don't miss the opportunity to own a thriving car wash business, detail center and the real estate that goes with the business. The business sits right on Willow Creek Road with approx. 27000 cars per day and visible from the road. The Business is located directly across from 200 new apartments being built, and includes 1 automatic touch free wash, 1 auto soft touch wash, 4 self serve bays, 8 coin operated vacuums, scents and detail vending, a detailing center, lots of storage, 2 offices and a dog run. Seller is willing to train new owners. ... Less
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