Net-Leased, Oversized Caliber Collision in Memphis Sells for $7M
Stan Johnson Company has completed the $6.7-million sale of a 40,522-square-foot retail property leased to Caliber Collision in Memphis, TN. The tenant operates on a long-term net lease that features rental increases and option periods.
The store on Adams Avenue is more than double the tenant’s typical size and allows work on commercial vehicles, emergency vehicles and school buses.
Stan Johnson Company’s Ronnie Givargis represented the seller, a FL-based private investor. The buyer, an individual investor from CA, was represented by Brandon Sherrill of Stan Johnson Company. Both were involved in 1031 exchanges.
“We have seen a lot of demand for Caliber Collision within the last few months given the credit profile and internet resistant services provided by this tenant,” said Sherrill.
The recently upgraded property is situated on 1.24 acres in a dense infill location in downtown Memphis. It is near economic drivers such as FedEx Forum, the medical district and Beale Street.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.