Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, recently completed the quick-close off-market transaction of Waterworks Car Wash, according to a press release.
Waterworks is a carwash facility located at 300 Market St. in Dayton, Tennessee.
The deal was in escrow for 14 days in a seamless according to a press release, Matthews Real Estate Investment Services™, a commercial real estate investment services, and technology firm, recently completed the quick-close off-market transaction of Waterworks Car Wash acquisition.
Matthews Senior Associate Beryl Grant and Vice President Clay Smith represented the seller in the transaction.
The property was acquired by Magnolia Wash Holdings, one of the largest carwash operators in the U.S., and sold by a private investor looking to capitalize on the aggressive pricing in the automotive sector.
Magnolia Wash Holdings was looking to expand its presence in the Southeast, particularly in Tennessee.
“This deal represents the power of strategic pricing. We were able to assist the seller in capitalizing on the booming carwash industry while providing a well-suited addition to the buyer’s portfolio,” said Grant.
Waterworks Car Wash is in a high-traffic area of the Rhea County Highway, adjacent to a Food City-anchored shopping center, a used car dealership and NAPA Auto Parts.
The property’s prominent location offers easy accessibility and high visibility.
“The carwash sector is proving to be the rising star of CRE with major attraction from private equity groups who are flooding the market,” said Smith. “These properties offer very attractive returns with less management intensive than other business operations.”