Gerber Collision & Glass

5622 U.S. 19, New Port Richey, FL 34652

$3,100,000

Cap Rate 6.02%

Views: 46 DOM: 178 Updated: 03.14.24 Posted: 11.21.23 Status: Active

Summary

Price $3,100,000	Built/Renov 2022	Tenant Gerber Collision & Glass
Cap Rate 6.02%	Lease Type NN+	Guarantor Corp Traded
Size/SF 18,266	Lease Start 09-02-2022	#Units 761
Price/SF $169.71	Expiration 09-30-2037	Tenant Type Automotive
NOI $186,504	R. Term 13.4	Ownership Fee Simple
Rent/SF $10.21	Increases 10.0%/4/yrs	Pop 5Mi 153,629
Lot/AC 1.75	Options 4/5yrs/10%	AHHI 5Mi $67,050

Lease Highlights

New 2022 construction
Gerber Collision & Glass has 13+ years remaining on the current lease term with 4 (5-year) options to extend
Lease features 10% rental increase every 5 years throughout the initial term and at the start of each option
Favorable NN+ lease with landlord responsible for structure only
Corporate guaranteed lease

Location Description

Gerber Collision is strategically located along US-19 (59,500 VPD), a major U.S. highway that runs through Florida’s west coast along the entirety of the Tampa Bay Area. It is less than a half mile north of the 272,95-square-foot Southgate Shopping Center, which is home to Publix, T.J. Maxx, Big Lots, Burlington, Party City, and many others, promoting strong crossover traffic to the site. The...

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Key Features

New construction
High traffic 50M+ VPD
Dense retail corridor
Highway location
Top 100 MSA
Income tax free state
Long 10+ yr lease
Favorable NN+ lease
Corporate Guarantee
Publicly traded company

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Links

Gerber Collision & Glass Wikipedia New Port Richey, Florida Zip Code 34652 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Gerber Collision & Glass
Guarantor:Corp Traded
Company:The Boyd Group, Inc.
# Units:761
Stock: TSX: BYD.TO

About Tenant

Gerber Collision and Glass is one of the largest auto collision and glass repair companies in the United States. Gerber provides collision/auto body repair and auto glass replacement and repair...

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Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Cross Bayou Boulevard	Van Doren Ave	2022	6,600	0.20 mi
Gulf Drive	Water St	2022	7,500	0.37 mi
Gulf Drive	Magnolia Way	2021	7,400	0.37 mi
US Hwy 19	High St	2011	54,279	0.39 mi
US Hwy 19	High St	2018	55,965	0.39 mi
Grand Blvd	Aspen St	2011	6,400	0.43 mi
US Hwy 19	Illinois Ave	2009	63,000	0.46 mi
Sea Forest Drive	Elizabethan Ln	2022	5,800	0.51 mi
Grand Boulevard	Tidalwave Dr	2022	6,600	0.52 mi
Grand Boulevard	Marine Pkwy	2021	5,900	0.52 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5963 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
6005 Views
41 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6082 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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