Clifton Heights & Philadelphia, PA, September 28th, 2023 – 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 two Caliber Collisions, a 14,960-square-foot and a 17,464-square-foot Net-Leased properties located at 714 East Baltimore Avenue, Clifton Heights, PA and 4422-4436 Market St, Philadelphia, PA according to Sean Beuche, regional manager of the firm’s Philadelphia office. The assets sold for $3,865,000.
Derrick Dougherty, Scott Woodard, Colin Reder, and Jacob Haslach investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a family trust. In the United States, Caliber Collision has a notable market share in Car Body Shops, where they account for an estimated 8.3% of total industry revenue, displaying stronger market share, profit, and revenue growth compared to competitor companies.
“The initial marketing strategy was to offer these assets on an individual and portfolio basis. Ultimately, the advisors of the trust decided it made more sense to transact selling locations (Philadelphia and Clifton Heights, PA) together,” said Derrick Dougherty.
“The buyers were selected based on probability, they had an extensive background in the collision repair industry and believed in these sites long term even though there were only 2.5 years remaining," said Jacob Haslach.
“52nd and Market street continues to increase in value with University of Pennsylvania and Drexel University expansion and developments. There was a lot of intrinsic value that goes beyond cash flow and cap rates for this acquisition," said Scott Woodard.
“All parties involved were a pleasure to work with and we would also like to give S&T Bank the recognition they deserve for financing this portfolio in a very challenging market," said Colin Reder.
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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
Comentários