B+E brokers sale-leaseback of Wilkes-Barre Cloud10 car wash property for $5 million

B+E, the first brokerage and technology platform for net lease real estate, today announced the sale of the Cloud10 car wash property at 150 Wilkes-Barre Blvd, Wilkes-Barre, PA for $5,000,000.

The NNN 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.

For more information, contact Jim Ceresnak at jceresnak@tradenetlease.com or Spencer Henderson at shenderson@tradenetlease.com.