Tucson, AZ – [December 30, 2021] – Blue West Capital has completed the sale of a two-property Caliber Collision portfolio in Tucson, AZ for $7,100,000. The Caliber Collisions properties were located at 721 E. 12th Street, Tucson, AZ and 8120-8140 E. Research Court, Tucson, AZ. The properties sold for the third lowest cap rate in 2021 for a Caliber Collison outside of California with less than 10 years of lease term remaining, according to CoStar.
Zach Wright and Brandon Wright, of Blue West Capital, exclusively represented the seller. The seller was a partnership of local investors, and the purchaser was a Colorado-based 1031 exchange investor.
Caliber Collision has operated at these locations for approximately ten years. The Caliber Collision leases feature minimal landlord responsibilities and Caliber Collision recently exercised early lease renewals evidencing their commitment to the locations. Caliber Collision is the largest automotive collision repair company in the nation and operates over 1,200 locations across the United States.
“1031 exchange investors continue to pay premiums for single tenant properties with proven operating histories and infill locations,” stated Zach Wright, Director and Partner.
“Many net lease investors are gravitating towards auto-service properties. These properties boast attractive depreciation schedules and a use that is completely e-commerce resistant. Additionally, the auto-service tenants typically have long operating histories at their locations. We’ve sold five Caliber Collisions properties in the past few months, all for record pricing,” added Brandon Wright, Associate.