Press Releases
Marcus & Millichap Facilitates Sale of Caliber Collision Location in Ohio
August 06, 2024
MANSFIELD, Ohio, August 6, 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 Mansfield, Ohio. The property sold for $1,104,000.
"This transaction underscores the robust demand and investment appeal of collision centers in today's market," said Jake Carter, associate. "With Caliber's dominant position in the collision repair industry, a brand-new secure long-term lease commencing in 2023 and a strong yield, this property represented a premier investment opportunity for the out-of-state buyer. It also provided the seller with an excellent return on the real estate, which they had developed their business on over the past decade."
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, J & D Shenberger LLC. Mitch Grant and Nicholas Kanich, investment specialists in the firm’s Chicago Downtown office, procured the buyer, ARB Investments LLC. Michael Glass, Broker of Record in Ohio, assisted in closing the transaction.
“In the last 90 days, we’ve had three Caliber Collision properties listed, sold two, and have the third under contract with a repeat out-of-state buyer. Our advisory expertise has enabled business owners to create liquidity as they enter retirement. Clients partnering with our platform are assured of maximizing their proceeds in a timely manner,” said Carter.
Caliber Collision, located at 892 Park Avenue E., currently has over nine years remaining on a double net lease with two five-year renewal options. The property, built in 1983, recently underwent over $42,000 in upgrades to the roof and rear lot. It is in a dense industrial corridor adjacent to a 7-Eleven gas station and two miles from Interstate 71.
"This transaction underscores the robust demand and investment appeal of collision centers in today's market," said Jake Carter, associate. "With Caliber's dominant position in the collision repair industry, a brand-new secure long-term lease commencing in 2023 and a strong yield, this property represented a premier investment opportunity for the out-of-state buyer. It also provided the seller with an excellent return on the real estate, which they had developed their business on over the past decade."
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, J & D Shenberger LLC. Mitch Grant and Nicholas Kanich, investment specialists in the firm’s Chicago Downtown office, procured the buyer, ARB Investments LLC. Michael Glass, Broker of Record in Ohio, assisted in closing the transaction.
“In the last 90 days, we’ve had three Caliber Collision properties listed, sold two, and have the third under contract with a repeat out-of-state buyer. Our advisory expertise has enabled business owners to create liquidity as they enter retirement. Clients partnering with our platform are assured of maximizing their proceeds in a timely manner,” said Carter.
Caliber Collision, located at 892 Park Avenue E., currently has over nine years remaining on a double net lease with two five-year renewal options. The property, built in 1983, recently underwent over $42,000 in upgrades to the roof and rear lot. It is in a dense industrial corridor adjacent to a 7-Eleven gas station and two miles from Interstate 71.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
