High-end car wash to replace vacant Applebee’s in Port Charlotte

PORT CHARLOTTE, Fla. (March 11, 2020) – Tommy’s Carwash has purchased a free-standing former Applebee’s location on Murdoch Circle in Port Charlotte for $1.8 million.

This will be the car wash’s first location in the Port Charlotte area, and fifth along the west coast of Florida. The Applebee’s closed in 2018 as part a nationwide restructuring of the restaurant chain, and the space has been vacant since then.

Ron Schultz and Stephanie Addis of Colliers International represented the seller, SCF Funding I, LLC, doing business as Essential Properties. Kevin Riordan of Merritt Realty Corporation represented the buyer, Tommy’s Express Holdings, LLC. The property is located at 19010 Murdock Circle.

“This location will give Tommy’s Carwash outstanding exposure and access,” said Schultz, Managing Director, Retail Investments for Colliers International. “The location shares an intersection with a Walmart Supercenter, Target and Port Charlotte Town Center. It has great visibility and a high density of retail tenants within a mile of the location. The buyer is expecting this to be one of its top-performing locations.”

The seller, Essential Properties, is a publicly traded (NYSE: EPRT) single-tenant net lease investment firm focused on the acquisition of service-providing and experiential real estate. The company owns more than 500 properties leased to more than 80 tenants across 42 states.

The Colliers team helped Essential Properties overcome several hurdles during the sale, including negotiating with adjacent properties to approve a change of use agreement.

Tommy’s Carwash will complete extensive renovations to the property to convert the restaurant space to a high-end car wash. The company has not announced when the location will open.

About Colliers International Group Inc.

Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. To learn more about how we accelerate success visit corporate.colliers.com, Twitter: @Colliers or LinkedIn