RealSource Holds Presale of All-New Caliber Car Wash in Winter Park, Fla. For $ 4.06 Million
WINTER PARK, Fla .– RealSource Group, a national commercial real estate brokerage firm focused on retail, healthcare and automotive properties, today announced that the company has arranged the sale of an all-new build, a single tenant net rental investment occupied by Caliber Car Laver at 6750 Aloma Avenue in Winter Park, Florida in an off-market transaction. The sale price was $ 4,060,000, which represented a capitalization rate of 6.65%.
RealSource vice president Austin Blodgett, in association with ParaSell, Inc., represented the seller, a developer based in Tampa, Florida. Jeff Lefko, executive vice president of Hanley Investment Group, represented the buyer, a private investor based in Southern California.
The new Caliber Car Wash with a 3,000 square foot building is located at the signposted intersection of Aloma Avenue and Forsyth Boulevard. (with 37,000 cars per day) in Winter Park. The car wash is located on 0.815 acres of land in front of Aloma Square Shopping Center, the mainstays of which are Aldi, Ace Hardware, Dollar Tree, and Fresenius Kidney Care. Caliber Car Wash opened on June 1, 2021 and has a 20-year absolute triple net lease.
“We helped find a California-based 1031 trade-in buyer who was very knowledgeable about the express car wash industry and was very familiar with the market,” said Blodgett. “We started escrow while the car wash was still under construction and weren’t given a quota for months before the car wash opened or started paying rent. This sale is a real testament to the strong demand for recession-proof and pandemic-proof investments from sophisticated net-lease investors. “
Winter Park is located in Orange County, Florida and is part of the Orlando Metropolitan Statistical Area with over 2.6 million residents. The subject property is located in northeast Orlando, approximately a 25-minute drive from the Orlando International Airport and Walt Disney World.
“There is very little competition for an express wash in this immediate shopping area and membership is expected to increase rapidly in the first year at this location,” comments Blodgett.
“We’re seeing cap rates continue to drop on these small to mid-size express car wash lines, especially in tax-exempt states like Florida and Texas,” Blodgett said. “A year ago this transaction would have been in the low cap 7% range given that it was only a 10 unit operator at the time of the sale. We were able to achieve a cap rate of 6.65%, which is a high cap rate for a smaller operator like Caliber Car Wash. “
Blodgett adds: “More and more buyers are becoming comfortable with the express car wash business model and are willing to take more risks to buy properties that are leased to smaller operators (but have to take more risks. ‘excellent real estate fundamentals) in order to outperform one, the top five car wash operators with over 100 locations, which would typically trade in a 5% mid to high cap rate range . “
Founded in 2019 by Danny York and Mac McCall, Caliber Car Wash is a premium, member-driven express car wash company with locations in the South East. According to the company’s website, the Atlanta-based company currently has 16 operating car wash stations and will soon be available in Alabama, Florida, Georgia and North Carolina. In January 2021, Eagle Merchant Partners (Eagle), a leading Atlanta-based private equity firm, announced its investment in Caliber Car Wash to accelerate growth.
About the RealSource Group
RealSource Group is a commercial real estate brokerage firm specializing in tenant representation, investment sales and leasebacks on a national platform. With the combination of RealSource’s rental and sales experience, broker network, technology, processes and national platform; RealSource provides high production, quality service and measurable results to its customers. Since 1991, having completed more than 850 commercial real estate transactions nationwide, RealSource has honed its platforms through proven execution. For more information visit: realsource.com.
Company Name: RealSource Group
Contact person: Austin Blodgett, Vice President, Investment Sales
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City: Newport Beach
The country: United States