ORLANDO—One local business owner is looking to clean up in a buyer’s market. Kermali Enterprises just snapped up an REO car wash in Sanford for $429,500.

“This deal was unique because it was a bank-owned asset and it went from contract to close in eight days,” Kim Lohry, an agent at Commercial Associate at CAP Realty, tells GlobeSt.com. “Everyone likes to complain about the lack of cooperation from the banks, but we had an amazing response time on this transaction.”

Lohry represented the seller, Business Loan Center, LLC. Adolpho Pereira, an agent at Dover International Realty, Inc. represented, Kermali Enterprises.

“There has not been a lot of activity in the exchange of car wash properties for the past several years,” Lohry tells GlobeSt.com. “It really took the perfect storm for this transaction to make sense, including finding a buyer who intended to use the property for its designed use.”

Located at 712 Lake Mary Boulevard in Sanford, the asset is a 6,240-square-foot former full-service car wash. A new facility called Neat Car Wash and Detail Center plans to open at the property this spring and will create six to eight jobs.

“When Kermali Enterprises found the listing, the property went to contract and closing very quickly, because there’s more value in buying an existing facility versus building a full-service car wash,” Lohry says. There was some interest from automotive services companies for the asset.
 
To prepare for the opening, Neat Car Wash and Detail Center invested in property renovations, including repainting the facility, installing new car wash equipment, and redoing the lobby and four-bay detail center. The company will offer both exterior-only and full-service car wash/detail options.

“Business owners are starting to take advantage of opportunities in this market,” Lohry says. “Whatever the asset class, buyers' and sellers' expectations are becoming more aligned, and if it is priced right, buyers are anxious to move forward. We are starting to see multiple offers again.”