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Mister Car Wash

850 Army Post Road, Des Moines, IA 50315

Listing Price: $3,666,666

Cap Rate
6.00%
Tenant Name
Mister Car Wash
Guarantor
Corporate Guarantee
Rentable SF
6,511
Lease Type
Absolute Net
Rent Per Square Feet
$33.79

Investment Overview

Marcus & Millichap is pleased to present for sale Mister Car Wash a single-tenant property located at 850 Army Post Road, Des Moines, Iowa 80315. The subject property is comprised of 6,511 square feet and was built in 2020. The building sits on a large 1.67 Acre lot located just off Army Post Road that oversees 15,000+ Vehicles Per Day. Mister Car Wash will operate on a Corporate Absolute-Net lease with a new 20-year lease to begin following the close of escrow. The new 20-year lease will have 1.25% increases annually and Four, 5-year options. Headquartered in Tucson, Arizona, Mister Car Wash is the largest car wash operator in the United States with over 340 car washes and nearly 6,000 employees across 21 states. Mister Car Wash is a highly profitable, high growth, privately owned consumer services company with annual revenue of $500+ million expanding rapidly via both mergers and acquisitions and new unit development with ambitious future growth plans. Leonard Green & Partners acquired Mister Car Wash in 2014. With Leonard Green & Partners’ financial sponsorship and experienced management team, Mister Car Wash has undergone substantial growth, including the addition of over 200 locations since 2014. Leonard Green & Partners is a leading private equity investment firm that has invested in over 90 companies including Shake Shack, SoulCycle, J. Crew, BJ’s, Aspen Dental, and Caliber Collision. Total Assets Under Management currently exceeds $25 billion.

Investment Highlights

  • 20 YEAR ABSOLUTE-NET LEASE: 1.25% Annual Rent Escalations and Four, 5-Year Options to Extend
  • CORPORATE GUARANTY: Leased by Mister Car Wash, the Largest Car Wash Operator in the United States with 340+ Locations Across 21 States
  • EXCELLENT ACCESS & VISIBILITY: Located at the Corner of Army Post Road & Southwest 9th Street Mister Car Wash is Passed by Over 15,000+ Vehicles Per Day

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    License(s): IA: B63379000

    Iowa

Auto Service - Gas-Conv

Mister Car Wash

Listing Price: $3,666,666

Cap Rate
6.00%
Tenant Name
Mister Car Wash
Guarantor
Corporate Guarantee
Rentable SF
6,511
Lease Type
Absolute Net
Rent Per Square Feet
$33.79

Investment Highlights

  • 20 YEAR ABSOLUTE-NET LEASE: 1.25% Annual Rent Escalations and Four, 5-Year Options to Extend
  • CORPORATE GUARANTY: Leased by Mister Car Wash, the Largest Car Wash Operator in the United States with 340+ Locations Across 21 States
  • EXCELLENT ACCESS & VISIBILITY: Located at the Corner of Army Post Road & Southwest 9th Street Mister Car Wash is Passed by Over 15,000+ Vehicles Per Day

Investment Overview

Marcus & Millichap is pleased to present for sale Mister Car Wash a single-tenant property located at 850 Army Post Road, Des Moines, Iowa 80315. The subject property is comprised of 6,511 square feet and was built in 2020. The building sits on a large 1.67 Acre lot located just off Army Post Road that oversees 15,000+ Vehicles Per Day. Mister Car Wash will operate on a Corporate Absolute-Net lease with a new 20-year lease to begin following the close of escrow. The new 20-year lease will have 1.25% increases annually and Four, 5-year options. Headquartered in Tucson, Arizona, Mister Car Wash is the largest car wash operator in the United States with over 340 car washes and nearly 6,000 employees across 21 states. Mister Car Wash is a highly profitable, high growth, privately owned consumer services company with annual revenue of $500+ million expanding rapidly via both mergers and acquisitions and new unit development with ambitious future growth plans. Leonard Green & Partners acquired Mister Car Wash in 2014. With Leonard Green & Partners’ financial sponsorship and experienced management team, Mister Car Wash has undergone substantial growth, including the addition of over 200 locations since 2014. Leonard Green & Partners is a leading private equity investment firm that has invested in over 90 companies including Shake Shack, SoulCycle, J. Crew, BJ’s, Aspen Dental, and Caliber Collision. Total Assets Under Management currently exceeds $25 billion.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    License(s): IA: B63379000

    Iowa

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