Carwash/Self-Storage Properties Sell for $3.45 Million

An Arizona investment group has purchased a self-storage business and neighboring carwash in Norman, Okla., for $3.45 million, The Journal Record reported. The two businesses were purchased together, with Storage Oklahoma accounting for $2.75 million of the sale and Norman Auto Spa $700,000.

Storage Oklahoma LLC owned both properties, according to the newspaper, and Azca Investments made the purchase through a 1031 exchange.

The self-storage facility has 56,745 square feet of climate-controlled and non-climate controlled storage units, and was operating at 95 percent capacity at the time of sale, according to the report. The carwash features eight self-serve bays and two in-bay automatics. Both properties were built in 2003.

A representative from InterWest Realty, which handled the sale for both parties, said self-storage facilities and carwashes are being developed together more frequently and then sold as a package. This particular deal is not the first self-storage/carwash combo the realty has sold.

Source
The Journal Record: Car Wash and Self Storage Sell Together for $3.45M

Related Articles

• Does Self-Storage Make Sense for Your Carwash?
• Modern Car Care Expo – Jan. 26-29, 2009