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1860 Semoran Boulevard

Justin Landau & Geoff Karas Of El Car Wash Acquire Five Wash City Locations In Florida
SOLDRetail

Justin Landau & Geoff Karas Of El Car Wash Acquire Five Wash City Locations In Florida

1860 Semoran Boulevard

Building Size

Asset Type

Retail

Closing

Apr 23, 2025

AI

The transaction involves the sale of five retail locations situated at 1860 Semoran Boulevard, 11674 University Boulevard, 4575 South Semoran Boulevard, 2699 Cassel Creek Boulevard, and 7651 University Boulevard, located within the Apopka, Orlando, Casselberry, and Winter Park markets. The asset type is labeled as retail, signifying its function in the commercial space.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Buyer: Justin Landau & Geoff Karas - El Car Wash
  • Seller: Bill Merckel - Wash City Car Wash
  • Date: 04/23/2025

El Car Wash, represented by Justin Landau and Geoff Karas, has significantly expanded its presence in Central Florida through this acquisition. The company aims to increase its locations to over 90 by the end of 2025 and will integrate existing Wash City members into its statewide program. Bill Merckel has facilitated this deal as the representative of Wash City Car Wash, marking a pivotal moment for both companies in the growing car wash industry across Florida and Michigan.

Players

Justin Landau

El Car Wash

Buyer

$96.7M

vol

7 deals

Buyer
EW
El Car WashBuyer

Apopka Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93