WhiteWater Express

Highlights

• LONG TERM LEASE - The subject property has over 17 years remaining on the initial term of a Corporate Absolute NNN Lease.
• BONUS DEPRECIATION - Fee simple ownership of a Car Wash provides the landlord the opportunity to use accelerated Bonus depreciation model. Consulting your Accountant or Tax Attorney is advised.
• EXCELLENT VISIBILITY - Site is visible from Interstate 69 with 20,500 Vehicles Per Day and 20,640 Vehicles Per Day on Chicago Street
• RENTAL INCREASES - 1% Annual Rental increases throughout the base term gives the investor the ability to hedge against inflation.
• Excellent Demographics/ Traffic- There are over 240,000 residents within a 5-mile radius of the property, with an average household income upwards of $105,000 annually.
• STRONG CORPORATE GUARANTOR - 100+ Locations by the end of 2022 backed by over 50 years of combined car wash experience between managing partners and Private Equity backed by Freeman Spogli & Co, a multi-billion dollar firm.
• ZERO LANDLORD RESPONSIBILITIES - Absolute NNN Lease. Ideal for Investors not Local to the Market or looking for a "hands off" investment. Tenant responsible for all taxes, insurance, and maintenance including roof, structure, and parking lot.

Description

Prime Net Lease is pleased to offer the opportunity to acquire the fee simple interest in a free standing WhiteWater Express Car Wash located in Coldwater, Michigan. The subject property was built in 2002 and has operated successfully for the last 20 years. In 2021, WhiteWater purchased the site from the previous operator and signed a brand new 20-year Absolute NNN lease.

The original corporately guaranteed lease has over 17 years remaining on its initial term. This absolute NNN lease has a 1% annually rental increases during the base term and grants the Tenant four successive 5-year options to extend the lease.

The Property has excellent visibility and is conveniently situated at the fully signalized intersection of Willowbrook Road, and Chicago Street, which provides direct access interstate 69. Chicago Street a main corridor in the area and serves over 20,000 vehicles per day. Nationally recognized tenants such as Walmart, Home Depot, Meijer, Auto Zone, Harbor Freight Tools, Aldi, Applebee's, Taco Bell, Speedway and Buffalo Wild Wings all surround the Property, further driving consumers to the area.

Each WhiteWater Express Car Wash location provides the highest quality car wash services, with professional staff to tend to your every need! Large or small, you can receive an express car wash with high-intensity tri-color polish, wheel cleaning, rainfall rinse, rain repellant glass wax, high gloss tire shine, flash dry, a 3-day rain check guarantee and always FREE Vacuums!

DETROIT, MI is the seat of Wayne County. The metropolitan area, known as Metro Detroit, is home to approximately 4.3 million people, making it the second largest in the Midwest. The Detroit MSA is the 14th largest in the U.S. The city of Detroit has a
population of 639,111 people. It is a major port on the Detroit River, which is one of the four major straits connecting the Great Lakes to the Saint Lawrence Seaway. Detroit is known for its economy, music & arts, and strong city pride of their sports teams.

The “Big Three” automobile manufacturers are all headquartered in Metro Detroit. These three are General Motors, Stellantis North America (Chrysler), and Ford. 296,000 of the jobs in Detroit involve some sort of manufacturing. Other major
employers in downtown Detroit include Comerica, Fifth Third Bank, HP Enterprise, Deloitte, and KPMG.

Live music has been such a big part of Detroit since the “Motown” era of the American 1940’s. The largest concerts in the city are held at DTE Energy Music Theatre. Large festivals held in downtown include the Detroit International Jazz Festival, the Motor City Music Conference, and the Detroit Electronic Music Festival. Along with live music, the performing arts have been a big part of the city throughout the last century. People from all over the country come to see performances at the Fox Theatre, the Masonic Temple Theatre, the Detroit Opera House, and The Fillmore Detroit.

Detroit Metropolitan Wayne County Airport, usually called Detroit Metro Airport, Metro Airport, or simply DTW, is a major international airport. It is the primary international airport serving Detroit and is Michigan’s busiest airport. The airport is a major hub for Delta Air Lines and is also a base for Spirit Airlines. Detroit serves as Delta’s main gateway to Asia for the Eastern United States. The airport has service to 30 international destinations and service to 39 states across the United States. It’s the 18th busiest airport in the U.S.

Detroit is home to the Detroit Tigers (MLB), the Detroit Lions (NFL), the Detroit Pistons (NBA), and the Detroit Red Wings (NHL).

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