Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced it has brokered the $7.43 million sale of two Caliber Collision centers, one in Bowling Green, Ky., and the other in Brentwood, Tenn., a southern suburb of Nashville. Caliber, the nation’s largest collision repair provider, operates the properties under long-term net leases.
Members of Marcus & Millichap’s Sulo Group, including Dominic Sulo, senior vice president investments, and Andrew Antoniou, associate, both based out of the company’s Chicago Oak Brook office, represented the seller, a family-run Tennessee-based LLC. Sulo and Antoniou also procured the buyer, a national institutional investor. Colby Haugness, Marcus & Millichap’s broker of record in Kentucky, and Jody McKibben, broker of record in Tennessee, assisted in the transaction.
“Automotive repair assets have become one of the most sought-after investments in the net lease space, having proven recession-resistant in the past and continuing to outperform other net-leased investments since the onset of the pandemic,” said Antoniou. “This rising demand has created a competitive bidding environment around these deals, which has been driving prices up over the past few years. For this portfolio, we were able to identify a deep pool of interested private and institutional buyers, which helped to maximize value for the seller.”
Constructed in 1998 and remodeled in 2018, the 35,136-square-foot center at 1682 Mallory Lane in Brentwood sold for just over $6.1 million, while the 13,330-square-foot property at 2418 Scottsville Road in Bowling Green, which was built in 1986 and remodeled in 2018, sold for approximately $1.32 million. The seller had previously owned and operated its own collision repair company at the respective properties before Caliber purchased the businesses in 2018. Three additional sites in the portfolio are being exclusively listed or are currently under contract.
The Sulo Group is a Chicago-based brokerage team, specialized in the acquisition and disposition of shopping centers and net-leased investment properties across the country. Collectively, the team has closed in excess of $850 million worth of transactions across 32 states since 2015.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
