RealSource Group Brokers Single-Tenant Car Wash Sales Totaling $100 Million

Newport Beach, Calif. — RealSource Group brokered sales of single-tenant express car wash properties totaling over $100 million last year. The transactions represented a mix of sale-leasebacks, built-to-suits/presales and ground leases across four brands. Properties included in the sales were located across eight states in the Midwest, South and Southeast. “Private individual buyers have become increasingly familiar and comfortable with this asset type for long-term investment and were eager to take advantage of the 100 percent bonus depreciation benefits in 2022, before the depreciation amount was reduced to 80 percent in 2023,” says Austin Blodgett of RealSource. Blodgett expects demand for this property type to remain high in 2023: “Although we may not see the number of records that were set in 2022, we think that volume will stay comparable to 2022 as sellers’ expectations align with the market and rising interest rates.”