Car wash buys land for $5M facility in Margate

Rising Tide paid $1.5M for the land

Mar.March 25, 2016 05:15 PM

Parkland-based Rising Tide Car Wash purchased the land for the company’s second location, this time in Margate. 

Rising Tide, a car wash company that employs adults with autism, paid $1.5 million for the land at 2970 North State Road 7, a spokesperson told The Real Deal. The company has plans to build a custom car wash, a project that will total about $5 million including land acquisition fees.

Mellion Realty represented the buyer, while High Street Retail USA represented the seller, 2970 N SR7 LLC. It’s slated to open by early 2017, according to a press release. The company has been in Parkland since 2013. The new location is estimated to employ about 50.

Rising Tide will be on the corner of State Road 7 and Northwest 29th Street. The 1.48-acre site was listed for sale in 2012, according to a Loopnet listing. The seller is controlled by Sean Leder of the Leder Group, a Boca Raton-based investment and property management firm. The property last sold for $775,000 in 2013.

In January, Publix Super Markets bought a Publix-anchored shopping center in Margate, at 7210 West Atlantic Boulevard, for $28 million. – Katherine Kallergis

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