Lexington, SC – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the acquisition of four separate car wash properties in Lexington, South Carolina. The transaction included an all-cash offer and a 35-day close.
Matthews™ represented the buyer, a North Carolina-based private 1031 Exchange buyer, who was interested in taking part in a sale-leaseback with the current tenant. The buyer received high-quality investments with 20-year leases at a 5.8 percent cap rate. This is the tenth property Matthews™ has sold to the client.
“The market is very competitive so investors must be willing to be aggressive on price,” Grant said. “Using our expertise and relationships we sourced a listing that fit our client’s investment strategy and aligned with the seller’s goals, allowing us to execute a seamless transaction process.”
The seller, International Car Wash Group, is the world’s largest car wash facility owner/operator. The group will continue to operate in all four locations sold, establishing a favorable agreement in the sale-leaseback.
“By having a strong relationship with our client and understanding the nuances of the car wash market, we were able to meet both parties’ goals,” Smith said. “We understand the value of having operations and a guarantee behind a lease and how they help secure a profitable investment for the buyer.”
For more information on this listing please visit www.matthews.com.
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 13 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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