Caliber Auto Care | Absolute NNN Lease | Corporate Guaranty
2830 Virginia Pkwy McKinney, TX 75071
Price: $6,930,000
Status: Sold
Cap Rate: Contact Broker
Year Built: 2019
NOI: $363,824
Lot Size: 1.43 acres
Price Per Foot: $518
SF: 13,363 Sq Ft
Remaining Term: 12+ Years
Lease Type: Absolute Triple-Net (NNN)
Property Intro
Lee & Associates, in conjunction with Texas Licensed Real Estate Broker Bang Realty-Texas, Inc., is pleased to exclusively offer the opportunity to acquire the fee simple interest (land & building) in a Caliber Auto Care investment property located in McKinney, TX (the “Property”). Constructed in 2019 as a build to suit for Caliber Auto (formerly Service First Auto Care), the Property consists of a 13,363-square-foot retail building with 14 automobile service bays situated on a 1.40-acre parcel.
investment highlights
- STRONG CORPORATE LEASE GUARANTY • PART OF CALBER, LARGEST COLLISION REPAIR COMPANY IN THE U.S. • ANNUAL REVENUES OF NEARLY $4B
- The building is leased to Caliber Auto Care, part of the Caliber family of companies which consist of Caliber Collison, Caliber Auto Care, Caliber Glass and Caliber Fleet. Caliber Auto Care centers handle quick oil changes, tire change/repair, unexpected check engine lights, mechanical repairs, and state inspections. Caliber Collision is the largest collision repair company in the nation, with 1,235+ state-of-the-art repair centers across 34 states. Headquartered in Lewisville, TX, Caliber has an estimated revenue of nearly $4 Billion and consistently ranks among the highest customer satisfaction scores in the industry. The lease is guaranteed by CH Holding Corp.
- OVER 12 YEARS REMAINING ON ABSOLUTE NNN LEASE • 10% RENT INCREASES EVERY 5 YEARS • ZERO LANDLORD RESPONSIBILITIES
- The Tenant has over 12 years remaining on its new 15-year lease, which commenced February 2019. The lease features 10% rent increases in the Primary Term as well as the (2) 5-year renewal options. The Absolute triple-net (NNN) lease structure provides for zero Landlord maintenance responsibilities on the asset, providing an investor with a true passive income stream backed by a strong corporate tenant.
- AFFLUENT DEMOGRAPHICS • EXPLOSIVE PROJECTED POPULATION GROWTH • LOCATED IN HIGHLY DESIRABLE DALLAS MSA
- The property benefits from strong surrounding demographics, with over 182,000 people with an average household income of nearly $120,000 within a 5-mile radius. McKinney is located within the highly desirable Dallas MSA, and is one of the fastest-growing communities and regions in the country, with expected population growth of 15% by 2023.
- DENSE RETAIL TRADE AREA • PROXIMITY TO SEVERAL CALIBER COLLISION CENTERS • NEAR MULTIPLE SHOPPING CENTERS, SERVICES • EXCELLENT SYNERGY FOR TENANT’S CUSTOMER BASE
- The Caliber Auto Care is located within a dense retail trade area with multiple large shopping centers and services, providing for a strong draw to the area and consistent customer traffic to the site. Additionally, the subject property is located within a 5-mile radius of several Caliber Collision Centers, offering strong synergy for the tenant’s operations.
- HIGHLY VISIBLE LOCATION ALONG VIRGINIA PKWY • MAJOR TRAVEL ARTERY TO/FROM HIGHWAY 75 • QUICK ACCESS TO DOWNTOWN PLANO, DALLAS
- The Caliber Auto Care fronts Virginia Pkwy, offering excellent visibility to 24,275 cars per day. There are multiple entrances for easy in/out access by customers, plentiful parking, and several bays for streamlined service. Additionally, the property offers quick access to Hwy 75 (24,275 CPD), for direct access to Plano (15 miles) and Downtown Dallas, just 34 miles to the south.
- LOCATED IN MCKINNEY • CONNECTED BY MAJOR ARTERIAL HIGHWAYS • EXPLOSIVE POPULATION GROWTH • PART OF THE DALLAS-FORT WORTH METROPLEX (POP: 7.57 MILLION)
- The subject property is located in McKinney, just 30 miles north of Downtown Dallas, in north central Texas. With an estimated population of over 195,000, McKinney is the largest city in Collin County and one of the top 10 fastest growing in economic growth in the nation. Connected by major arterial highways that surround the city, McKinney offers a prime location for development, as well as a strong quality of life and a highly educated workforce. McKinney is part of the Dallas-Fort Worth Metroplex, which is the economic and cultural hub of North Texas. With a population of 7.57 million, it is the most populous MSA in the Southern U.S. and the fourth-largest in the U.S.
listing agents
