PHOENIX, August 16, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the portfolio sale of six Ultra Clean Express Car Wash net-leased properties located across Phoenix and Las Vegas. The portfolio sold for a total of $41,415,487.
Chris Lind, Zack House, and Mark Ruble, 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. Arizona broker of record, Ryan Sarbinoff, and Nevada broker of record, Frank Cameron Glinton, assisted in the closing of this transaction. Each asset included a brand new 20-year triple net (NNN) lease with corporate guaranty, a 10-percent rental increase every five years, and each property qualifies for 80 percent one year bonus depreciation of 15-year accelerated depreciation per IRS 1250 property designation.
Ultra Clean operates under multiple umbrellas including Ultra Clean, 3 Minute Car Wash, Rinse N Ride, Sparkle, and Fast & Friendly. These sites have industry leading economics, modern express exterior equipment, and a loyal customer base along with a management team that has a long track record of success in car wash and muti-site services. Ultra Clean Express is a leading operator of express car wash facilities with locations across Las Vegas and the Phoenix MSAs.