Matthews™ Brokers Tri-Party Agreement of Florida Car Wash Portfolio

Jacksonville, FL – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the portfolio sale of CarwashU, located at 6929 103rd Street, Jacksonville, FL and 950 Park Avenue, Orange Park, FL. The transaction was structured as a business sale with a simultaneous sale-leaseback to a third party. This allowed the business buyer to reduce the amount of capital required to purchase the operations. Senior Associate Beryl Grant and Associate Vice President Clay Smith managed the sale.

 

Matthews™ represented the seller, a private Jacksonville car wash operator, who was interested in capitalizing on the high price points in the current market. The seller aimed to close prior to 2022 to avoid the repercussions of possible tax policy changes. During the sale of the property, agents orchestrated a simultaneous sale-leaseback.

 

“This transaction was extremely unique in that it was a tri-party agreement,” Grant said. “The sale-leaseback structure allowed the buyer to bypass paying the full purchase price for both the business and land by partnering with a third party to buy the real estate while they moved forward with acquiring the business.”

 

The buyer, Magnolia Holdings, purchased the car wash investments to further expand their portfolio in the Jacksonville MSA, a market the company already has a strong presence in. The real estate company received two high-functioning facilities in an established market, allowing for a smooth transition of ownership.

 

“We had a firm deadline to close and three parties involved throughout the process,” Smith said. “By utilizing our car wash expertise and extensive network we were able to source qualified buyers, navigate complexities, and close on time for our client.”

 

For more information or to contact Beryl Grant and Clay Smith, please visit www.matthews.com.

 

About Matthews™

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.