Water's Car Wash Palm City
New 19-Year NNN Water's Car Wash | Palm Pike Crossing | Palm City, FL
Marketing description
CBRE’s Net Lease Property Group is pleased to present this absolute NNN 19-year Waters Car Wash
ground lease located in one of the nation’s fastest growing markets in South Florida. This lease
provides for truly “hands off” management and includes rental increases of 10% every 5 years. The
Property is anchored by an extremely busy Wawa (IN TOP 86% PERFORMING STORE IN THE
STATE OF FLORIDA PER Placer.ai) and Tractor Supply (IN TOP 87% STORE IN THE ENTIRE
COUNTRY PER Placer.ai).
Palm Pike Crossing offers retailers a prime, high visibility position along one of Palm City’s most
important east-west commuter corridors, delivering constant exposure to the surrounding customer
base with household incomes exceeding $150K and regional traffic moving between Palm City,
Stuart, I-95, and the Turnpike. The property benefits from excellent visibility, easy ingress/egress,
and access designed for quick, convenient stops – key criteria for QSR, service retail, and daily needs operators. With established traffic patterns, strong household demographics, and seamless regional connectivity, this corridor provides the consistent customer flow and accessibility national retailers look for when selecting high-performing sites.
Waters Car Wash has 48 locations and has been around for over 60 years. The guarantor of this lease is their parent company Summit Wash Holdings which is backed by New Mountain Capital, a multibillion dollar private equity firm that formed Summit in 2022 and continues to fund its expansion.
Investment highlights
• New Construction and 19-years remaining on a new 20-year Lease
• Experienced operator with guaranty by parent company with annual revenue exceeding $65M and EBITDA exceeding $25M
• Absolute NNN ground lease – No landlord management obligations
• Fixed rental increases throughout the entire lease including options
• Anchored by the TOP 86% Performing Wawa in FL and the TOP 87% Performing Tractor Supply Co. in the ENTIRE COUNTY PER Placer.ai
• Ideally located at Florida’s Turnpike interchange with easy access to I-95
• Large efficient parcel with excellent visibility on high traffic thoroughfare
• Highly desirable affluent market with surrounding household incomes exceeding $150K
• Located directly on the only corridor in Martin County that connects I-95, the Florida Turnpike, US-1 and the beaches of the Treasure Coast
• No debt to assume – Able to pay all cash
• Florida has NO STATE INCOME TAX
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