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12/30/20
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PWS, the nation’s largest developer of new laundromats and the premier broker of existing laundromats, is developing five new locations across California, with another two locations in final lease negotiations.
The new retail laundromats will serve customers in Angels Camp, Citrus Heights, Modesto, Orange and Salinas, Calif. Most of them will operate under the brand name SpinCycle Laundry Lounge. PWS is also close to finalizing deals in San Francisco and Long Beach.
Brad Steinberg, Co-President of PWS, said that current market conditions favor the business type. These conditions include an increasing number of renters who are the primary customer of self-service laundromats, the availability of prime neighborhood retail real estate locations, increased flexibility on the part of landlords who often cover the cost of build-outs, and demand for the operating businesses by entrepreneurs.
“Laundromats are stable, consistent performers as operational businesses. They are Covid-resistant as an essential business, Amazon-resistant, and recession resistant. These are all great locations,” Steinberg said.
The new laundromats range in size from 1.4k sf to 5.6k sf. All leases are 10 years with multiple five-year options.
PWS builds state-of-the-art retail laundromats and typically sells them to independent operators. The laundromats the company develops feature modern materials and fixtures, are extremely energy efficient and provide a truly enjoyable experience for patrons.
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