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Gerber Collision Sale-Leaseback, Lake City, FL

Gerber Collision Sale-Leaseback, Lake City, FL


Investment Summary

Price $650,000
Cap Rate 5.50%
NOI $35,750
Lease Term 15 years
Lease Type Absolute NNN sale-leaseback, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 8% rental increases every five (5) years
Year Built 1935
Building Size 10,422 SF
Lot Size 1.47 acres (64,033 SF)
Status Available
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN SALE-LEASEBACK TO CORPORATE TENANT
» Brand new 15-year absolute NNN sale-leaseback to national auto collision tenant
» Zero landlord responsibilities, an excellent investment opportunity for a passive or out-of-area investor
» Gerber Collision has grown to one of the largest auto collision and glass repair companies in North America (800+ locations) and is part of the Boyd Group, Inc. (Toronto Stock Exchange: “BYD.TO”)
» All Gerber locations have achieved the highest training level recognized in the collision industry, the I-CAR Gold Class Professionals® designation

STRATEGIC LOCATION IN TRAFFIC-DENSE FLORIDA RETAIL CORRIDOR
» Located along U.S. Route 90 / East Duval Street with excellent visibility and access to 17,100 vehicles per day directly in front of the property
» U.S. Route 90 is Lake City’s primary retail corridor and connects Lake City to large metropolitan areas, including Jacksonville and Tallahassee
» U.S. Route 41 and U.S. Route 90 (the U.S. Route versions of Interstate 75 and Interstate 10) intersect in Lake City and attract significant amounts of commuter traffic, as the area relies on travelers for a considerable part of its economy
» Located 1.1 miles from The Lake City VA Medical Center (1,230 employees), one of two VAMC’s in the North Florida / South Georgia VA System
» The property is centrally located near shopping centers tenanted by major national retailers like Winn-Dixie, Walmart, Home Depot, Publix, ALDI, Hobby Lobby, JCPenney, Starbucks, Panera Bread and several others

GROWING FLORIDA SUBURBAN LOCATION WITH STRONG DEMOGRAPHICS
» 66,814 residents within a 15-mile radius of the property, establishing a consistent customer base for the site
» Projected 12% average annual household income increase within 5 miles of the site over the next five years, poising Lake City and Gerber Collision for significant concurrent growth
» The property greatly benefits from being surrounded by high-density single-family housing developments with proximity to several schools, community hubs and large employers
» The location is 0.4 miles from Melrose Park Elementary School (363 students) and 0.8 miles from Richardson Sixth Grade Academy (492 students)
» Florida has no state income tax, estate tax, or inheritance tax

Property Description

» Exceptional Visibility and Access: This Gerber Collision is located along U.S. Route 90 / East Duval Street (17,100 AADT) with multiple access points into the property
» Densely Populated Community: Nestled in a thriving neighborhood, the site serves 66,814 residents within a 15-mile radius, positioning itself as a crucial automotive service destination in the heart of Lake City
» Strong Demographics: Within a 15-mile radius, the area is supported by an average annual household income of$79,547 that is projected to increase by more than 13%over the next five years
» Strategic Location: The property is strategically located near shopping centers tenanted by major national retailers like Winn-Dixie, Walmart, Home Depot, Publix, ALDI, Hobby Lobby, JCPenney, Starbucks, Panera Bread and several others
» Central Location Amidst Residential Developments: This Gerber Collision greatly benefits from being surrounded by high-density single-family housing developments with proximity to several schools, community hubs and large employers
» Located At the Confluence of Major Thoroughfares: U.S. Route 41 and U.S. Route 90 intersect in Lake City and attract significant amounts of commuter traffic, as the area relies on travelers for a considerable part of its economy

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