Gerber Collision & Glass

135 Palmetto Avenue, Merritt Island, FL 32953

$2,998,000

Cap Rate 6.15%

Views: 54 DOM: 178 Updated: 04.15.24 Posted: 11.21.23 Status: Active

Summary

Price $2,998,000	Built/Renov 2001/2014	Tenant Gerber Collision & Glass
Cap Rate 6.15%	Lease Type NN+	Guarantor Corp Traded
Size/SF 21,644	Lease Start 01-02-2015	#Units 761
Price/SF $138.51	Expiration 01-01-2037	Tenant Type Automotive
NOI $184,375	R. Term 12.7	Ownership Fee Simple
Rent/SF $8.52	Increases 5.0%/3/yrs	Pop 5Mi 86,797
Lot/AC 2.15	Options 4/5yrs/5%	AHHI 5Mi $98,120

Lease Highlights

Gerber Collision & Glass recently extended its lease and now has 13+ years of term remaining
The lease features 4 (5-year) options to extend and a rent increase of 8% every 5 years
Favorable NN+ lease with landlord responsibilities limited to roof & structure
Limited competition | Only national auto collision facility servicing Merritt Island
Corporate guaranteed lease

Location Description

Gerber Collision & Glass is strategically located along Palmetto Avenue, just 1,000 feet away from the intersection of North Courtenay Parkway (27,000 VPD) and Merritt Island Causeway (31,000 VPD). The Merritt Island Causeway serves as a major thoroughfare connecting Merritt Island with Orlando. Additionally, the property is conveniently situated immediately adjacent to Sun Isles Condominiums...

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Key Features

Dense retail corridor
Near major nationals
Freeway close
Top 100 MSA
Income tax free state
Recently extended lease
Long 10+ yr lease
Limited competition
Favorable NN+ lease
Publicly traded company

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Links

Gerber Collision & Glass Wikipedia Merritt Island, Florida Zip Code 32953 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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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	8,102	39,406	85,956
2023 Total Population :	8,327	40,277	86,797
2023 Employed Civilian Pop :	4,330	19,491	42,562
2023 Total Businesses :	1,028	3,031	4,661
2023 Average Household Income :	$ 76,067	$ 96,315	$ 98,120
2023 Total Consumer Spending :	$ 259 M	$ 1500 M	$ 3128 M
2023 Median Age :	50	49	47
2023 Total Households :	3,902	17,931	36,801
2023 Pop Age 25+: Bachelor's Degree :	1,449	6,819	13,966
2023 Average Home Value :	$ 435,255	$ 419,256	$ 383,758

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
E Merritt Island Cswy	Erik Ct	2009	32,200	0.11 mi
N Courtenay Pkwy	Tangerine Ave	2001	29,981	0.18 mi
South Courtenay Parkway	Magnolia Ave	2022	31,000	0.19 mi
N Courtenay Pkwy	Tangerine Ave	2009	25,320	0.20 mi
E Merritt Island Cswy	Imperial St	2009	32,280	0.23 mi
S Courtenay Pkwy	Magnolia Ave	2009	17,600	0.27 mi
W Merritt Island Cswy	S Grove St	2009	36,950	0.33 mi
North Plumosa Street	Enola Pl	2022	4,900	0.33 mi
Fortenberry Rd	Imperial St	2019	7,500	0.34 mi
East Merritt Avenue	4th St	2022	13,300	0.37 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5944 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5985 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
6062 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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