Rocket Car Wash Acquired the Portfolio

Iowa— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the off-market portfolio sale of four express Shine Shop Car Wash facilities. The properties are located across Iowa, in Ankeny, Waukee, Grimes, and Johnston. Associate Vice President Beryl Grant and Vice President Clay Smith represented the buyer in the transaction.

 

The Shine Shop Car Wash Portfolio was acquired by Rocket Car Wash, a national chain looking to expand, particularly in the Iowa market. The seller, a private investor, was able to capitalize on the high demand for car wash properties, and received a strong return on investment despite the rising interest rate environment.

 

“It was a pleasure working with Rocket Car Wash to help facilitate their growth in the Iowa market,” said Grant. “Rocket continues to show strong growth in the market, as they continue to become a legitimate player on a national scale.”

 

The portfolio properties are 3301 North Ankeny Boulevard, Ankeny, IA, 1400 SE University Avenue, Waukee, IA, 601 NE Cypress Drive, Grimes, IA, and 6035 Merle Hay Road, Johnston, IA.

 

“This unique four-unit portfolio was acquired in a seamless transactional process with both parties achieving their long-term financial goals,” said Smith. “The seller was able to relinquish the coveted properties in a high-interest rate environment due to the high demand and overall success of the car wash industry.”

 

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

 

About Matthews™

Matthews Real Estate Investments 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. Based out of Nashville, TN, and strategically positioned with over 500 agents and support staff in 15+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.