Wilmington, NC – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the sale of a Caliber Car Wash, located at 7032 Market Street Wilmington, NC, for $5,108,140. The transaction was completed by Associate Chris Sands and Associate Vice President and Director Chuck Evans.

 

Represented by Matthews™, the buyers were looking to exit the multifamily sector to purchase a long-term triple-net retail asset. The buyers received a cap rate of 6.40 percent in a pandemic-resistant and e-commerce-proof concept, plus a 20-year lease backed by a large private equity firm.

 

“Our clients were interested in diversifying their investment portfolio and exiting out of multifamily, a sector facing ongoing government regulation due to COVID-19,” Evans said. “The car wash sector is a great solution for investors looking to enter the retail field with a stable product, protected from the threat of e-commerce.”

 

The sellers were interested in the disposition of the facility to reinvest profit back into and expand other Caliber Car Wash locations. The seller received an attractive sale price, with a 30-day due diligence period, and a 30-day close.

 

“As brokers, we needed to be involved in every aspect of the deal to achieve success for our clients,” Sands said. “We overcame all obstacles and regularly communicated with our clients, escrow agents, the lender, and 1031 Intermediary to close in only 30 days.”

 

For more information on this listing or to contact Chris Sands and Chuck Evans, 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.