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Justin Landau And Geoff Karas Acquire Retail Portfolio In Orlando And Broward County For $50M
SOLD
$50,000,000
National
See Similar DealsRetail
Sold 02/06/2025
SOLD
Justin Landau And Geoff Karas Acquire Retail Portfolio In Orlando And Broward County For $50M
Retail
Sold 02/06/2025
Summary
Asset Type:Retail
Transaction Type:Sale
The sale involved a retail portfolio consisting of three SPIN Car Wash locations in Broward County and six ZIPS Car Wash locations in Orlando. The total transaction amount was $50,000,000, which reflects the rapid expansion of El Car Wash's presence in Florida.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $50,000,000
- Buyer: Justin Landau & Geoff Karas - El Car Wash
- Broker: Vinny Carfora - Car Wash King
- Market: Orlando & Broward County
Vinny Carfora of Car Wash King represented the buyer in the ZIPS transaction, facilitating the acquisition and assisting El Car Wash in expanding its operational footprint across the state of Florida.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,666,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$177,639.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$237,025.51
Annual Debt Service$2,844,306.11
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