Mister Car Wash New Store Development Proposal
TerraForm Companies is pleased to have this opportunity to present a proposal for new store development for Hotshine Holdings, Inc., doing business as Mister Car Wash (“Mister”). Based on our discussions with James Throckmorton, VP of Development, we understand that Mister desires to select a real estate development partner to assist with growth through new construction. It is anticipated that the development partner will oversee 5 to 10 ground up development deals per year for the next 2 to 3 years. The purpose of this proposal is to illustrate why TerraForm is best-suited to be Mister’s strategic development partner.
Just like Mister, our proven approach has always centered on bringing our clients the best service in the industry. Every aspect of our business is designed to provide a better experience for our clients. TerraForm is uniquely prepared to help Mister grow in a way no other firm can because of 2 main differentiators:
TerraForm is different by design. Unique components of our structure designed to add more value to our clients include the following:
Starting a build-to-suit program is a daunting task for any company. There is a significant learning curve associated with new ground-up design, project management, and execution. TerraForm is fortunate to be involved in 2 new construction projects for Mister. The first in Taylorsville, Utah was a ground lease and our oversight and management was limited. However, we have stepped in where needed to try and add value and work through challenges. The second in Ogden, Utah is a build-to-suit and our role will be much more involved. Already, we have worked aggressively to identify inconsistencies with the drawings and correct them before they become an issue during construction. Our knowledge and experience gained during these 2 projects is invaluable. This intellectual capital will enable us to build new stores faster and with less need for resources and oversight from Mister.
We are confident that the unique structure of our firm and the intellectual capital gained through our current work with Mister sets TerraForm apart as the ideal development partner for Mister’s ground-up growth.
We have been asked to present terms for 2 different ground-up development scenarios:
1. Traditional build-to-suit
2. Fee development
This section will address the differences in these scenarios and outline our proposed structure under each.
MARKETS AND CAPABILITIES
TerraForm has direct and recent experience developing net lease projects in the following states:
We are confident in our abilities to provide an exceptional level of service in all markets within these states.
We are willing to make Mister one of our top priority accounts if given the opportunity of a preferred development relationship. As such, we would disengage from other less strategic projects to free up the capacity of our experienced partners to develop 5 to 10 sites per year for Mister.
We look forward to working with you.