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August 31, 2023

Orange car wash fetches $1.75M

Costar 79 Boston Post Road, Orange.

A car wash facility on the Boston Post Road in Orange has been sold for more than $1.7 million.

The buyer, 79 BPR Orange LLC, purchased the facility at 79 Boston Post Road for $1.75 million from R&E Realty Associates Limited Partnership in a deal recorded Aug. 11.

The new ownership is controlled by Adam Scheps, who is listed as general manager of the Sponge Brothers Car Wash and Lube company.

Car wash facilities have become a target of private equity firms that see them as a solid investment because they are often high-cash-flow operations with real estate and repeat customers.

Built in 1978, the 8,100-square-foot facility has an appraised value of $1.28 million.

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