Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced it successfully led the sale of multiple Mister Car Wash locations in the national sale-leaseback market, according to a press release.
Mister Car Wash is the largest carwash operator in the U.S., operating 280-plus carwashes in 22 states with nearly 50 years in the business, the release continued.
“Single-tenant net-leased carwashes have emerged as a viable alternative in the net-lease sector with strong investment from both institutions and private investors due to their internet resistance and excellent unit level financials,” said Senior Associate Austin Blodgett with Hanley Investment Group.
Since January 2018, Hanley Investment Group has completed the sale of over $36 million in single-tenant carwash properties across the country and has another $50 million currently listed or in escrow, the release noted.
“We feel that the carwash industry is poised for long-term growth,” said Hanley Investment Group Executive Vice President Eric Wohl. “It is an $11.2 billion industry. It is service-based, internet-resistant and, with the increased car counts nationwide, the carwash industry is seeing significant increases in daily washes.”
Blodgett notes that there are more “do-it-for-me” customers going to carwashes and less “do-it-yourself” customers washing their own cars at home, the release noted.
“The growing express carwash model also provides a lower overhead per location, and the unlimited wash monthly subscription programs are helping to fuel sales,” Blodgett added. “We expect to see the cap rates remain steady within this sector, and the number of sales to rapidly increase over the next 12 months.”