Knoxville, TN – [October 7, 2021] – Blue West Capital has completed the sale of a single tenant net leased Caliber Collision located at 10446 Lexington Drive in Knoxville, TN for $4,097,560. The property sold for 102% of the asking price and over $202 per square foot. This transaction represents the highest price per square foot for an industrial property in Knoxville year-to-date, according to CoStar. Zach Wright and Brandon Wright of Blue West Capital exclusively represented the seller. The seller was a husband and wife based locally and the purchaser was a Northeast-based 1031 exchange investor.
The Caliber Collision property features a 10,586 SF and a 9,660 SF building built in 1991 and 1995. Caliber Collision has approximately 7.5 years remaining on their net lease. Caliber Collision is the largest collision repair company in the United States with over 1,200 locations.
The 2.44-acre property is positioned in a dense industrial corridor just north of Interstate 40/75. The property benefits from its proximity to numerous car dealerships including Mercedes-Benz, Lexus, Porsche, Jaguar, Maserati, Audi, Infiniti, Toyota, Honda, Mazda, and Chevrolet. There are over 115,000 people living within five miles of the property.
“Well-located single tenant properties in income tax-free states and growth markets are at the forefront of investor demand. There is a limited supply of available net lease properties on the market resulting in historically low cap rates and a competitive bidding environment,” stated Zach Wright, Director and Partner.
“Over the past 18-months, net lease investors have flocked to Caliber Collisions due to their attractive long-term net leases and both essential & service-based use. We received numerous qualified offers from investors based throughout the U.S.,” added Brandon Wright, Associate.