Marcus & Millichap announced last week the sale of a Caliber Collision location in Mansfield, Ohio, for $1,104,000, according to a news release.
"This transaction underscores the robust demand and investment appeal of collision centers in today's market," said Jake Carter, an associate for Marcus & Millichap. "With Caliber's dominant position in the collision repair industry, a brand-new secure long-term lease commencing in 2023 and a strong yield, this property represented a premier investment opportunity for the out-of-state buyer. It also provided the seller with an excellent return on the real estate, which they had developed their business on over the past decade."
Carter, Dan Yozwiak and Darpan Patel, investment specialists in Marcus & Millichap’s Columbus and Tampa offices, had the exclusive listing to market the property on behalf of the seller, J & D Shenberger LLC.
Carter, Dan Yozwiak and Darpan Patel, investment specialists in Marcus & Millichap’s Columbus and Tampa offices, had the exclusive listing to market the property on behalf of the seller, J & D Shenberger LLC.
Mitch Grant and Nicholas Kanich, investment specialists in the firm’s Chicago Downtown office, procured the buyer, ARB Investments LLC. Michael Glass, Broker of Record in Ohio, assisted in closing the transaction.
“In the last 90 days, we’ve had three Caliber Collision properties listed, sold two, and have the third under contract with a repeat out-of-state buyer. Our advisory expertise has enabled business owners to create liquidity as they enter retirement. Clients partnering with our platform are assured of maximizing their proceeds in a timely manner,” said Carter.
Caliber Collision, located at 892 Park Avenue E., currently has over nine years remaining on a double net lease with two five-year renewal options. The property, built in 1983, recently underwent over $42,000 in upgrades to the roof and rear lot. It is in a dense industrial corridor adjacent to a 7-Eleven gas station and two miles from Interstate 71.
“In the last 90 days, we’ve had three Caliber Collision properties listed, sold two, and have the third under contract with a repeat out-of-state buyer. Our advisory expertise has enabled business owners to create liquidity as they enter retirement. Clients partnering with our platform are assured of maximizing their proceeds in a timely manner,” said Carter.
Caliber Collision, located at 892 Park Avenue E., currently has over nine years remaining on a double net lease with two five-year renewal options. The property, built in 1983, recently underwent over $42,000 in upgrades to the roof and rear lot. It is in a dense industrial corridor adjacent to a 7-Eleven gas station and two miles from Interstate 71.
Marcus & Millichap is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada.
