Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 40,522-square-foot retail property leased to Caliber Collision. The flagship store, located at 296 Adams Avenue in Memphis, Tennessee, is more than double the tenant’s typical size. Northmarq’s Ronnie Givargis represented the seller, a Florida-based private investor. The buyer, an individual investor also from California, was represented by Brandon Sherrill of Northmarq. Both investors were involved in 1031 exchanges, and the property traded for approximately $6.7 million.
“I’m proud of our ability to effectively collaborate across teams and offices here at Northmarq,” said Givargis, Senior Director in Northmarq’s Newport Beach, California office. “It’s not every day we get a chance to work on unique assignments, but together, Brandon and I were able to sell one of the largest buildings Caliber Collision has in operation and meet the objectives of both our investor clients.”
The recently upgraded property is situated on 1.24 acres in a dense infill location in downtown Memphis. The facility’s larger size allows work on commercial vehicles, including emergency vehicles and school buses. The property is in close proximity to numerous economic drivers including FedEx Forum, Memphis’ Medical District and the city’s historic Beale Street. The tenant operates on a long-term net lease that features rental increases and option periods.
“It was great being able to work with Ronnie and keep this transaction in house,” added Sherrill, Associate in Northmarq’s Tulsa, Oklahoma headquarters. “We have seen a lot of demand for Caliber Collision within the last few months given the credit profile and internet resistant services provided by this tenant. The location in downtown Memphis was very interesting to work on, since it isn’t a typical location for Caliber.”