KNOXVILLE – Retail Investment Group announced the sale of Zip’s Car Wash in Knoxville. This property sold for $3,217,000 at a 7.15% CAP Rate. The sale includes a rare 19-year triple net corporate lease.

Mark McLoone, Senior Associate, and Steven Davis, Managing Member, represented both the buyer and seller in this off-market transaction. “We sourced the 1031 buyer within a quick timeframe before hitting the open market and resulted in a quick, all cash transaction that closed 30 days after escrow opened”. Retail Investment Group specializes in the transaction of net leased properties throughout the United States.

Zip’s, a leading commercial real estate investment firm headquartered in Scottsdale, Arizona, is the second largest car wash operator in the U.S. It offers the latest technologies in car washing with the fastest and most budget-friendly service. This brand-new state of the art Knoxville location includes over 30 vacuum stalls. For additional information, please visit Retail Investment Group, www.retail1031.com.