Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, corporate signed, Caliber Collision investment property located in Sauk Rapids, Minnesota (St. Cloud MSA). The tenant, Caliber Holdings, LLC has over 13 years remaining on their current lease with 2 (5-year) options to extend. The lease features 5% rental increases every 5 years throughout the initial term and 10% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. Founded in 1997, the Caliber portfolio of brands has grown to more than 1,700 centers nationwide and features a full range of complementary automotive services, including Caliber Collision, the nation’s largest auto collision repair provider across 41 states, Caliber Auto Glass for glass repair and replacement and Caliber Auto Care for mechanical repair and quick oil change services. Lastly, the tenant spent over $1.5 million in tenant improvements / building upgrades to retrofit the building for their use, demonstrating their commitment to the site.

The Caliber Collision is located near Highway 10, a major thoroughfare that averages over 21,000 Vehicles passing by daily. The site is ideally situated in a dense
retail corridor, with numerous nearby national/credit tenants including Target, Walmart Supercenter, Sam’s Club, Public Storage, Walgreens, Dollar Tree, Burger King, McDonald’s and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. In addition, the subject property is located in close proximity to St. Cloud Hospital (489 beds) and St. Cloud Technical & Community College (1,701 students), further increasing consumer traffic to the site. The 5-mile trade area is supported by over 98,000 residents and 69,000 employees, providing a direct consumer base from which to draw. Residents within a 5-mile radius of the subject property have an average household income of $78,888.

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