Agents Brokered a 90-Day Off-Market Sale
Knoxville, TN – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, recently brokered the transaction of Clabough’s Express Shine Car Wash located at 410 Wears Valley Road, Pigeon Forge, TN. The property was sold by David Russel and purchased by Magnolia Holdings, which was looking to expand its presence in East Tennessee. The sale was handled by Associate Vice President Clay Smith and Senior Associate Beryl Grant.
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 car wash was sold in conjunction with another local car wash, 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 car washes 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 car wash 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.”
The car wash industry has been experiencing massive growth since being deemed an essential business in several markets across the country. As a result of consumer demand turning towards convenience and speed of service, express car washes have become one of the most desirable asset types. This trend is anticipated to continue as investors seek well-located, resilient, e-commerce-proof service-based investments with long-term leases.
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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