Caliber Collision | Houston MSA | 10+ Years Remaining
4455 Rex Rd Friendswood, TX 77546
Price: $3,629,000
Status: Sold
Cap Rate: 5.50%
Year Built: 2004
NOI: $199,584
Lot Size: 2.67 acres
Price Per Foot: 172.29
Lease Type: Triple-Net (NNN)
Remaining Term: 10+
GLA: 51156 sqft
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 Collision investment property located in Friendswood, TX (the “Property”). Constructed in 2004, the Property consists of a 21,063-square-foot building situated on a 2.67-acre parcel.
The property is leased to Caliber Bodyworks of Texas, Inc., and has a corporate guaranty from CH Hold Corp. Caliber Collision centers offer auto body repair, glass repair and replacement, paintless dent repair and fleet services. 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 Tenant has over 10+ years remaining on its initial 15-year lease, which commenced in March 2017. The lease features 10% rent increases every 5 years in the Primary Term as well as the (2) 5-year renewal options. The triple net (NNN) lease structure provides for minimal Landlord maintenance responsibilities on the asset (see lease abstract pages 7-9), providing an investor with a true passive income stream backed by a strong corporate tenant. The subject property features multiple entrances for easy in/out access by customers, plentiful parking (70 spaces), and large 2.67-acre yard, and several bays for streamlined service.
Caliber Collision is located within a dense retail trade area, 2.5 miles from the Baybrook Mall, Target, Costco, Marshalls & HomeGoods, BestBuy, Walmart and The Home Depot, providing for a strong draw to the submarket and consistent customer traffic to the site. Additionally, the property offers quick access to Hwy 45 (Gulf Fwy), for direct access to Downtown Houston (20 miles).
investment highlights
Strong National Tenant – Corporate Guaranty: CH Hold Corp (S&P: B) – Largest Collision Repair Company in the U.S. – Revenues over $1B: The building is leased to Caliber Collision. Service First Auto Centers Offer services such as auto body repair, glass repair and replacement, paintless dent repair and fleet services. Caliber Collision is the largest collision repair company in the nation, with 1,100+ state-of-the-art repair centers across 34 states. Headquartered in Lewisville, TX, Caliber has an estimated revenue of $1.095B and consistently ranks among the highest customer satisfaction scores in the industry. The lease is guaranteed by CH Hold Corp (S&P: B).
Low Rent: This location has a significantly lower rent when compared to other Caliber locations across the country. This ideally provides us with a lower sale price point, which puts this asset in a much larger buyer pool. In addition, the low rent helps to ensure the tenant’s longevity as this location due to long-term profitability.
10+ Years Remaining on a Triple-Net (NNN) Lease – 10% Rent Increases Every 5 Years – Minimal Landlord Responsibilities: Caliber Bodyworks of Texas, Inc. has over 10 years remaining on its Triple-Net (NNN) lease, which commenced in March 2017. The lease features 10% rent increases in the Primary Term as well as the (2) 5-year renewal options. The lease calls for the tenant to pay for taxes, insurance, and repair and replacement of the roof and HVAC systems, thus providing an investor with a passive investment.
Excellent Visibility Along Gulf Fwy (Interstate 45) – Affluent Surrounding Demographics: The property was constructed in 2004, offering newer construction and less maintenance. The site is just off Interstate 45 with proximity (3 miles) to Walmart, Kohl’s, Sam’s Club, Marshall’s, Target and Costco and other retailers in the Baybrook Mall.
Located in the Highly Desirable Master Planned Community of Friendswood, TX: 30 Miles Southeast of Houston • Diverse Economy • Educated Workforce: The subject property is in Friendswood, which lies 20 miles southeast of Houston with a population of over 70,000 in a 3-mile radius. Houston is the most populous city in the state of Texas, fourth-most populous city in the United States, most populous city in the Southern United States, as well as the sixth-most populous in North America, with an estimated population of 2,32 million in 2019.
Large Land Parcel with Fenced Yard & 70 Parking Stalls: The property comes with 2.67 acre parcel, 70 parking stalls, and a fenced yard, which ideally suits the tenants needs.
listing agents
