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Gerber Collision Sale-Leaseback, Jacksonville, NC

Gerber Collision Sale-Leaseback

NC, USA

Price $2,400,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type Absolute NNN Sale-Leaseback, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 8% Rental Increases Every Five (5) Years
Year Built Contact For Details
Building Size 2224 North Marine Boulevard: 13,500 SF | 2709 Commerce Drive: 15,248 SF
Lot Size 2224 North Marine Boulevard: 1.51 Acres (65,623 SF) | 2709 Commerce Drive: 3.17 Acres (138,085 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN SALE-LEASEBACK TO CORPORATE TENANT
» Gerber Collision is one of the largest auto collision and glass repair companies in North America (800+ locations) and is part of the Boyd Group, Inc., which is publicly traded on the Toronto Stock Exchange (BYD.TO)
» 8% rental increases during lease term, providing a hedge against inflation
» Available Below Replacement Cost ($83.50/SF)
» No landlord management, ideal for an out-of-area investor
» All Gerber Collision locations have achieved the highest training level recognized in the collision industry, the I-CAR Gold Class Professionals® designation

HIGH-TRAFFIC LOCATION IN DENSELY POPULATED RETAIL CORRIDOR
» Excellent visibility and access to 31,000 vehicles per day directly in front of the property on U.S. Route 17/North Marine Boulevard
» Beneficial proximity to highly trafficked Jacksonville thoroughfares, including State Route 53/Western Boulevard (combined 47,000 AADT)
» Population of 81,028 within a five-mile radius of the location, creating a reliable customer base for the site
» Surrounded by high-density single family housing developments and large townhouse complexes
» Projected 12 percent average annual household income increase within a five-mile radius of the site in the next five years, poising Gerber Collision and Jacksonville for significant concurrent growth

CENTRAL LOCATION NEAR LARGE SCHOOLS, EMPLOYERS, AND COMMUNITY HUBS
» Located in Jacksonville’s primary retail corridor
» Less than one mile from Coastal Carolina Community College, which has 4,030 students and 588 employees
» 1.6 miles from Onslow Memorial Hospital (162 beds, 1,250 employees)
» 1.3 miles from Cross Pointe Centre, a power center which features a strong mix of well-known tenants, including Marshalls, Old Navy, Michaels, Ashley Furniture, Pet Warehouse, and more
» Beneficial proximity to shopping centers tenanted by major national retailers like Target, Lowe’s, PetSmart, Burlington, Bed Bath & Beyond, Kohl’s, and several others


Property Description

SOLD

The property is located along U.S. Route 17/North Marine Boulevard, with excellent visibility and access to 31,000 vehicles per day directly in front of the property. The location has a beneficial proximity to highly trafficked Jacksonville thoroughfares, including State Route 53/Western Boulevard (47,000 AADT). The site features a prime location in a populous and growing area, with 81,028 residents living within a five-mile radius of the property, creating a large and reliable customer base for the site. This Gerber Collision location benefits from being surrounded by high-density single family housing developments and large townhouse complexes. With a projected 12 percent average annual household income increase within a five-mile radius of the site in the next five years, Gerber Collision and Jacksonville are poised for significant concurrent growth.

Visibility to the property is increased by the site’s centralized location near large schools, employers, and community hubs. The location is 1.3 miles from Cross Pointe Centre, a power center which features a strong mix of well-known tenants, including Marshalls, Old Navy, Michaels, Ashley Furniture, Pet Warehouse, and more. The property is centrally located near shopping centers tenanted by major national retailers like Target, Lowe’s, PetSmart, Burlington, Bed Bath & Beyond, Kohl’s, and several others. The property also benefits from its location less than one mile from Coastal Carolina Community College (4,030 students, 588 employees) and 1.6 miles from Onslow Memorial Hospital (162 beds, 1,250 employees).

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