Matthews Real Estate Investment Services completed the quick-close off-market transaction of Waterworks Car Wash, a car wash facility at 300 Market St. in Dayton, Tennessee.
The deal was in escrow for 14 days in a seamless acquisition. Senior Associate Beryl Grant and Vice President Clay Smith represented the seller in the transaction.
The property was acquired by Magnolia Wash Holdings, one of the largest car wash operators in the United States, and sold by a private investor looking to capitalize on the aggressive pricing in the automotive sector. Magnolia Wash Holdings was looking to expand its presence in the Southeast, particularly in Tennessee.
Waterworks Car Wash is in a high-traffic area off the Rhea County Highway, adjacent to a Food City-anchored shopping center, a used car dealership, and NAPA Auto Parts. The property’s prominent location offers easy accessibility and high visibility.
