Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Two El Car Washes in South Florida. The assets sold for $14,047,000, and El Car Wash executed 20-year Absolute NNN Leases.
“The National Car Wash Industry has seen a huge uptick in demand due to the attractive Bonus Depreciation. El Car Wash as a brand dominates the South Florida market,” says Jonathan De La Rosa, senior vice president. “These two sites are in class A locations with strong fundamentals and are high-performing stores.”
De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, represented El Car Wash and procured the buyer, a personal trust.
The car washes are located at 2851 W Okeechobee Road and 7366 Boynton Beach Blvd, two of 40 express car wash locations in Florida, spanning 3,288 square feet. Recognized as the official car wash of the Miami Heat, it features eco-friendly equipment, a wash tunnel, and complimentary services such as high-powered vacuums, compressed air, micro-fiber towels, and mat and glass cleaners.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
