Marcus & Millichap Inc.
09/09/2024 | Press release | Distributed by Public on 09/09/2024 12:11
Marcus & Millichap Arranges Sale and Financing of Caliber Collision Location in Minnesota
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Marcus & Millichap Arranges Sale and Financing of Caliber Collision Location in Minnesota
September 09, 2024
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ST. CLOUD, Minn., Sept. 9, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a Caliber Collision location in St. Cloud, Minnesota. The property sold for $2,040,000. The firm's capital markets subsidiary, Marcus & Millichap Capital Corporation (MMCC), arranged acquisition financing.
"This transaction highlights the sustained demand for assets in the collision repair sector," said Jake Carter, associate. "With a corporately guaranteed lease, minimal landlord responsibilities, and a property that has recently undergone significant improvements, the St. Cloud Caliber Collision presented an exceptional investment opportunity for the buyer while delivering an excellent return for the seller, who developed the property and business over the past three decades."
Carter, Dan Yozwiak and Darpan Patel, investment specialists in Marcus & Millichap's Columbus and Tampa offices, had the exclusive listing to market the property on behalf of the seller, Jeff Kraus Properties LLC. Mitch Grant and Nicholas Kanich, investment specialists in the firm's Chicago Downtown office, procured the buyer, ARB Investments LLC. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction. Dean Giannakopoulos, senior managing director in MMCCs Chicago Downtown office, secured the financing.
"In recent months, we've seen substantial interest in Caliber Collision assets, and the St. Cloud transaction is no exception-marking our third Caliber Collision sale in three months," Carter added. "Our clients continue to benefit from our deep market knowledge and strategic execution, allowing them to capitalize on the strong demand in the collision repair sector and maximize their proceeds in a timely manner."
Caliber Collision, located at 9785 County Road 6, currently has over eight years remaining on a double net lease with two five-year renewal options. Since 2020, the property has undergone extensive improvements, including HVAC replacement and parking lot resurfacing. The asset benefits from visibility along MN-23 and County Road 6, with daily traffic counts exceeding 15,880 vehicles per day.
"This transaction highlights the sustained demand for assets in the collision repair sector," said Jake Carter, associate. "With a corporately guaranteed lease, minimal landlord responsibilities, and a property that has recently undergone significant improvements, the St. Cloud Caliber Collision presented an exceptional investment opportunity for the buyer while delivering an excellent return for the seller, who developed the property and business over the past three decades."
Carter, Dan Yozwiak and Darpan Patel, investment specialists in Marcus & Millichap's Columbus and Tampa offices, had the exclusive listing to market the property on behalf of the seller, Jeff Kraus Properties LLC. Mitch Grant and Nicholas Kanich, investment specialists in the firm's Chicago Downtown office, procured the buyer, ARB Investments LLC. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction. Dean Giannakopoulos, senior managing director in MMCCs Chicago Downtown office, secured the financing.
"In recent months, we've seen substantial interest in Caliber Collision assets, and the St. Cloud transaction is no exception-marking our third Caliber Collision sale in three months," Carter added. "Our clients continue to benefit from our deep market knowledge and strategic execution, allowing them to capitalize on the strong demand in the collision repair sector and maximize their proceeds in a timely manner."
Caliber Collision, located at 9785 County Road 6, currently has over eight years remaining on a double net lease with two five-year renewal options. Since 2020, the property has undergone extensive improvements, including HVAC replacement and parking lot resurfacing. The asset benefits from visibility along MN-23 and County Road 6, with daily traffic counts exceeding 15,880 vehicles per day.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.