Younger Partners Brokers Site for Carwash in Adaptive Reuse Project
LAKE HIGHLANDS, Texas (Dec. 10, 2024)— Younger Partners Senior Vice President Michael Ytem and Associate Luke Nolan successfully brokered an off-market sale of a vacant 11,200 square feet CVS at 10666 E Northwest Highway in the Old Lake Highlands area in Northeast Dallas for an out-of-the-ordinary adaptive reuse project.
Younger Partners brokered the deal between the seller, Sierra Properties, and the buyer, Victron Energy Inc. Vice President Mohamed Sharaf.
“When CVS did not renew its lease, I recognized there was an incredible opportunity to leverage the existing building that was soon to go dark,” Ytem said. “I brought in a buyer that saw the potential in an adaptive reuse play, transforming the empty CVS into a state-of-the-art carwash facility.”
“Pharmacy brands like CVS continue to reevaluate their real estate strategies, driven by oversaturation and a shift to smaller, more efficient formats. This trend has made larger stores increasingly obsolete, opening the door for groups to repurpose highly sought-after real estate,” Nolan said.
This site, on 1.15 acres on the hard corner of E. Northwest Highway and Plano Road, is a major intersection, heavily trafficked for morning and evening commuters, Ytem added. “Establishing a carwash site fills a major void between 635 and 75.”
“I was looking to repurpose the building after CVS closed. Michael Ytem and his team were able to locate numerous potential buyers and tenants in a timely fashion. They followed up every step of the way and their detail-oriented approach made this process seamless,” said Sierra Properties Owner John Kenny.
Sharaf added that the site’s location is in a key urban market on a busy corner which is one of the main attributes that makes the property so attractive.
“Breathing life back into an abandoned site provides a unique opportunity to be creative as we need to find a way to cut entrances, windows, fit equipment, tear out the mezzanine, change the grading and flooring to accommodate vehicular instead of pedestrian traffic,” he said.
Wash Masters is owned by Victron Energy and was started by Ali Sharaf in 2004 when the first location opened in Irving. Securing this deal in the company’s 20th year means a lot to Mohamed Sharaf.
“We recently became the largest car wash chain in the DFW area and are excited to open our second location in Dallas proper,” he said.
Lake Highlands boasts a population of 99,360 and is primarily a residential community. The addition of a new car wash facility demonstrates the area’s commitment to accommodating new residents as the area continues to boom.
“As a Lake Highlands resident, I was personally vested in bringing positive change to a premier corner with much-needed services,” Ytem said. “This is the second deal we’ve brokered for John at that intersection.”