National Retail Properties Inc. bought Jilly's and its four Milwaukee-area locations

Jilly's Car Wash was acquired by National Retail Properties Inc. on Aug 30, 2022.

Deal Overview
Purchase Date
August 30, 2022
Primary State
Sites Bought
Deal Value
Transaction Synopsis
  • Birmingham, Alabama-based TRP Capital Partners purchased Jilly’s Car Wash and its 4 Milwaukee-area locations. 
  • After the purchase, Orlando, Florida-based real estate investment trust, National Retail Properties, purchased the four locations for $19 million, according to state records.
Market Significance
  • Jilly’s settled on TRP because the firm agreed to allow it to control the expansion of the Jilly’s brand across the Milwaukee region. 
  • TRP Capital also took ownership of Michigan-based Jax Kar Wash’s nine locations, pushing them to 25 operating locations in the state of Michigan.
Client Impact
Management Commentary

"We saw the car wash market is booming, and we were concerned that as a private business that we might miss out on a much bigger opportunity, so we went looking for a partner to help us achieve this goal”

Jon Zimmerman, co-founder of Jilly'sJon Zimmerman, co-founder of Jilly's
Jon Zimmerman, co-founder of Jilly's