Press Releases
Marcus & Millichap Brokers $6.8 Million Sale of Newly Built Car Wash in Miami Submarket
January 09, 2025
MIAMI, Jan. 9, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a brand-new El Car Wash in Miami, Florida for $6,746,031.
“This is the fifth sale leaseback we have completed for El Car Wash, which dominates the South Florida market and strategically acquires the best sites for their express washes,” said Jonathan De La Rosa, senior vice president investments. “Express car washes and gas stations remain highly sought after by buyers, driven by the benefits of bonus depreciation. There is ongoing speculation about the potential reinstatement of 100% bonus depreciation under the new administration.”
De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, represented the seller in the transaction.
Located at 9901 Coral Way, the property includes a newly constructed, state-of-the-art express car wash facility with a 120-foot tunnel. As the only express car wash built in the Miami submarket of Westchester in the past 40 years, it benefits from a corporate-guaranteed lease, 2% annual rent increases, and proximity to Florida International University, with over 210,000 residents within three miles.
“This is the fifth sale leaseback we have completed for El Car Wash, which dominates the South Florida market and strategically acquires the best sites for their express washes,” said Jonathan De La Rosa, senior vice president investments. “Express car washes and gas stations remain highly sought after by buyers, driven by the benefits of bonus depreciation. There is ongoing speculation about the potential reinstatement of 100% bonus depreciation under the new administration.”
De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, represented the seller in the transaction.
Located at 9901 Coral Way, the property includes a newly constructed, state-of-the-art express car wash facility with a 120-foot tunnel. As the only express car wash built in the Miami submarket of Westchester in the past 40 years, it benefits from a corporate-guaranteed lease, 2% annual rent increases, and proximity to Florida International University, with over 210,000 residents within three miles.
# # #
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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
