Tidal Wave Auto Spa, Grand Forks

Lorient acquired this Tidal Wave Auto Spa in Grand Forks, North Dakota, in December 2025 as a core net-lease investment focused on long-term cash flow, tenant durability, and real estate fundamentals within a high-visibility retail corridor.

Tidal Wave is a national, fast-growing car wash operator backed by Golden Gate Capital, known for modern facilities, strong brand recognition, and a subscription-driven customer model. The lease is absolute net: the tenant carries every cost of ownership, and rent is paid to the landlord without offset or deduction.

The 20-year initial term runs to October 2042 with 2.0% annual escalations, followed by five five-year renewal options. Car wash assets benefit from limited sensitivity to e-commerce disruption and tend to perform well across economic cycles due to recurring consumer demand.

This acquisition reflects Lorient's disciplined approach to single-tenant net-lease investing, prioritizing strong operators, modern assets, and locations that support long-term income preservation and capital protection.