Marcus & Millichap Inc.
07/16/2024 | Press release | Archived content
Marcus & Millichap Announces $7.75 Million Sale of El Car Wash, Florida’s Leading Car Wash Brand
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Marcus & Millichap Announces $7.75 Million Sale of El Car Wash, Florida's Leading Car Wash Brand
July 16, 2024
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MIAMI, July 16, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of El Car Wash on Sunset Drive, a premier player in the car wash industry located in Miami, Florida. The asset sold for $7,750,000.
"The strong fundamentals of the underlying real estate on Sunset Drive attracted our client to this asset. The demand for well-located assets throughout South Florida continues to be strong as buyers foresee long-term growth potential," said Jonathan De La Rosa, senior vice president of investments. "The attractive bonus depreciation benefits of acquiring car washes continue to attract investors to this asset class."
De La Rosa and Eddie Toledo, investment specialists in Marcus & Millichap's Miami office, exclusively marketed the property on behalf of the seller, El Car Wash Sunset LLC, and procured the buyer, a local family office. This sale marks the 3rd sale for De La Rosa and Toledo of El Car Wash, Florida's largest and fastest-growing car wash brand.
Located at 10899 SW 72nd St., El Car Wash has made strong waves in the South Florida market by focusing on monthly subscriptions, fostering strong brand loyalty. There are over 40 locations under development across Florida and Michigan, with more than 15 set to open by the end of the year. El Car Wash serves as the official car wash of the Miami Heat and Florida Panthers.
"The strong fundamentals of the underlying real estate on Sunset Drive attracted our client to this asset. The demand for well-located assets throughout South Florida continues to be strong as buyers foresee long-term growth potential," said Jonathan De La Rosa, senior vice president of investments. "The attractive bonus depreciation benefits of acquiring car washes continue to attract investors to this asset class."
De La Rosa and Eddie Toledo, investment specialists in Marcus & Millichap's Miami office, exclusively marketed the property on behalf of the seller, El Car Wash Sunset LLC, and procured the buyer, a local family office. This sale marks the 3rd sale for De La Rosa and Toledo of El Car Wash, Florida's largest and fastest-growing car wash brand.
Located at 10899 SW 72nd St., El Car Wash has made strong waves in the South Florida market by focusing on monthly subscriptions, fostering strong brand loyalty. There are over 40 locations under development across Florida and Michigan, with more than 15 set to open by the end of the year. El Car Wash serves as the official car wash of the Miami Heat and Florida Panthers.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.