PACE, FL – [August 25th, 2022] – Blue West Capital has completed the sale of a single tenant Joe Hudson’s Collision Center property located at 3650 US-90 in Pace, FL for $950,000. The property sold for a 5.52% cap rate, the lowest cap rate ever recorded for a Joe Hudson’s Collision Center property nationally, according to CoStar.
Brandon Wright and Zach Wright, of Blue West Capital, represented both the seller and purchaser in the transaction. The seller was a local investor and former collision repair shop owner. The purchaser was a family office based in the Southeast and a repeat client.
The Joe Hudson’s Collision Center features a low rent and price point for a single tenant collision center. The property is strategically located off US Highway 90, which has over 34,000 VPD. Nearby retailers include Walgreens, CVS, McDonald’s, Raceway, Grocery Outlet, Taco Bell and many others. Pace is approximately 15 miles north of downtown Pensacola.
Joe Hudson’s Collision Center has a long-term absolute triple net lease with rental increases every five years. Joe Hudson’s Collision Center is one of the largest collision repair companies in the country and has operated at this location since 2019.
“We continue to see significant investor demand for automotive service properties. These properties offer accelerated depreciation schedules. They also are an e-commerce and recession resistant use,” said Brandon Wright, Associate.
“Many single tenant investors are actively seeking properties in Florida due to the strong demographics and growth, as well as it being an income tax-free state,” said Zach Wright, Director & Partner.
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