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business
Car wash near Happy Valley Road in Peoria sells for $6.75 million
Posted
A car wash at 24970 N. 67th Ave. has sold for $6.75 million.
Commercial real estate brokerage firm Marcus & Millichap brokered the deal to complete the sale of a Super Star Car Wash, a 4,619-square-foot net-leased property.
The firm specializes in investment sales, financing, research and advisory services.
The car wash has 28 locations in Arizona.
This location is adjacent to Terazza Center, a mixed-use development with retail, a senior living facility, Lifetime Fitness and more, and the property is visible to more than 32,200 vehicles per day along 67th Avenue, according to a news release.
Super Star Car Was is easily accessible to 173,691 residents within a five-mile radius, where the average annual household income exceeds $143,000 in the immediate area, the release said.
The business has a new 20-year absolute triple-net lease with 10% rental increases every five years, according to Ryan Sarbinoff, regional manager of the Marcus & Millichap’s Phoenix office.
Zack House, Waylan Heers, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Super Star Car Wash started in Chandler, Arizona in 1993 with its first car wash location. The company began growing, reaching five Arizona locations by 2000.
As the business continued to do well, four full service locations opened and flourished around the Phoenix area by 2010, according to the Super Star website.
The business opened 17 new locations between 2016 and 2019.