Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm, recently closed the sale of Jasper Express Car Wash at full asking price. The property was purchased by ZIPS, the third-largest car wash operator in the country. The acquisition was handled by Associate Vice President Clay Smith and Senior Associate Beryl Grant.
Matthews™ was able to procure the buyer through an existing relationship. The seller’s motivation was to capitalize on the aggressive car wash market and enter into a more passive investment. The seller owned Jasper Express Car Wash for one year, and was able to capitalize on the equity they created by showing strong profits and sales figures in the first few months of operations.
“Our existing relationship with the seller created high-level trust throughout the transaction,” said Smith. “We were able to broker a deal that exceeded both parties’ expectations and we look forward to growing our presence in the Indiana region.”
ZIPS, which is expanding at a fast-growth rate, was looking to grow its footprint in Indiana. The site is near the company’s existing properties, making the acquisition even more desirable. Matthews™ closed the deal in about 60 days.
The car wash industry has seen record highs since the pandemic, peaking investor interest. According to Equity Multiple, as more drivers are expected to be on the road, the growth in the car wash industry will continue at an estimated rate of just under two percent per year.