B+E, the first brokerage and technology platform for net lease real estate, Monday announced the sale of the Cloud10 car wash property at 150 Wilkes-Barre Blvd., for $5 million.
The NNN (triple net) property carries a cap rate of 6% and a lease term of 20 years. The seller is Cloud10 and the buyer is an individual net lease investor.
This was the first ever sale-leaseback for Cloud10 Car Wash. The 6% cap rate is one of the five lowest cap rates for a new express car wash achieved in the US this year.
“The buyer found a great return with 20 years of lease term, and the seller was able to unlock equity in their underlying real estate,” said Jim Ceresnak and Spencer Henderson from B+E.
“We brokered the transaction,” Henderson said. “Only the real estate was purchased and Cloud10 signed a long-term lease to be there 20 more years at least.”
Cloud10 in Wilkes-Barre opened in September 2020, is one of Cloud10’s flagship locations and the wash uses “water-efficient and eco-friendly processes,” according to Cloud10’s website.
Cloud10 is expected to open a second location in Luzerne County on Wyoming Avenue in Wyoming.
About B+E
B+E is a modern investment brokerage firm, specializing in net lease real estate.
The firm helps clients buy and sell single tenant net lease real estate.
Founded by experienced brokers, B+E redefines trading through an intuitive end-to-end transaction platform comprising of user-friendly dashboards and an AI-driven exchange — all leveraging the largest data set in the net lease industry.
With offices in New York, Chicago, Tampa, Atlanta, Denver, and San Francisco, brokers trade property for clients across the US. B+E allows virtually anyone to confidently trade net lease real estate.
Source: Times Leader