OFF-MARKET – Mister Car Wash Closing in Cedar Rapids
DATE March 6, 2020 / AUTHOR
CATEGORY Investing 101, Just Sold
We are pleased to announce a closing of an off-market car wash transaction in Cedar Rapids, IA. This transaction represents an up-leg in our client’s 1031 exchange and is the final of 5 properties that they had exchanged into. This investment accomplishes the goal of increasing cash flow to the client, with a sturdy, brand new 20-year NNN lease with 1.5% annual escalations and zero landlord responsibilities. This investment was also sourced through a longtime relationship that we had built with WMG development. WMG had approached us after we sent out an e-blast to principals inquiring about investments with the required criteria. Out of a few dozen properties we received off-market, this one fit the bill.
The transaction was initiated pre-construction with a closing date set upon rent commencement which was predicated on the Certificate of Occupancy. As it usually happens, the CO was delivered late and the transaction was completed upon a receipt of a TCO (temporary CO) to satisfy the client’s 1031 exchange timeline.
- Brand New 20- year Lease
- Annual Rental Escalations of 1.5%
- High Traffic Count
- Unparalleled Visibility
- Leading Car Wash Company -Mister Car Wash
- Strong Retail Corridor
- Across from a National Mall Going Through Redevelopment
- No Competition in the vicinity
- State of the Art Equipment in the Building