Car wash buys land for $5M facility in Margate

Rising Tide paid $1.5M for the land

TRD MIAMI /
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


Related Articles

arrow_forward_ios

Ex-Margate commissioner convicted on corruption charges tied to rent breaks

IMC Equity pays $45M for Margate shopping center

Developer proposes replacing part of a Margate shopping center with apartments

Developer sues Margate CRA over rejected proposal to build new downtown

13th Floor proposes resi project on Margate golf course

Margate rejects proposed apartment development, may face litigation

Lennar buys second phase of Celebration Pointe development site in Margate

Wheat Capital breaks ground for Margate self-storage building

arrow_forward_ios