Industrial Space Overview
This newly extended 10-year lease offers stable cash flow and minimal landlord responsibilities, featuring four (5-year) options to renew. It ensures an 8% rent increase in year 6 and each option period, providing a solid hedge against inflation.
The property boasts a strong operating history, having been built in 2015 for a regional collision repair chain that was acquired by Caliber in 2018. With six years remaining at the time of renewal, Caliber, the number one collision repair company in Tennessee and number 26 nationally, has consistently operated a high-volume center, even transferring overflow work to other Knoxville locations.
As a best-in-class tenant, Caliber Collision is corporately backed by Wand Newco 3, with a strong credit rating and over $2 billion in revenue. Hellman & Friedman, a leading private equity investment firm with $80 billion in assets, serves as the majority owner, along with OMERS and Leonard Green & Partners, managing a combined $171 billion.
The property benefits from its highly visible location on Kingston Pike, with over 33,000 vehicles passing by daily. It also enjoys proximity to Lovell Rd (TN-131) and Interstate-40, with over 43,000 and 314,000 vehicles per day, respectively.
The surrounding area is densely populated and affluent, with over 113,500 people within a 5-mile radius and an average household income exceeding $120,000 within a 3-mile radius. The submarket is rapidly growing, boasting over 13.9 million square feet of retail and restaurant space within a 5-mile radius.
Industrial and office space in the area amounts to over 15.5 million square feet, resulting in a high daytime population of over 6,800 businesses and 73,500 employees. The property is strategically positioned adjacent to a Costco Wholesale Warehouse, attracting daily-needs consumers to the immediate trade area.
Other nearby amenities include the Tennova Healthcare Turkey Creek Medical Center and the Target-anchored Pavilion of Turkey Creek Shopping Center, as well as numerous multi-family units and educational institutions. The property is approximately 14 miles from downtown Knoxville, Tennessee's third-largest city.
The property boasts a strong operating history, having been built in 2015 for a regional collision repair chain that was acquired by Caliber in 2018. With six years remaining at the time of renewal, Caliber, the number one collision repair company in Tennessee and number 26 nationally, has consistently operated a high-volume center, even transferring overflow work to other Knoxville locations.
As a best-in-class tenant, Caliber Collision is corporately backed by Wand Newco 3, with a strong credit rating and over $2 billion in revenue. Hellman & Friedman, a leading private equity investment firm with $80 billion in assets, serves as the majority owner, along with OMERS and Leonard Green & Partners, managing a combined $171 billion.
The property benefits from its highly visible location on Kingston Pike, with over 33,000 vehicles passing by daily. It also enjoys proximity to Lovell Rd (TN-131) and Interstate-40, with over 43,000 and 314,000 vehicles per day, respectively.
The surrounding area is densely populated and affluent, with over 113,500 people within a 5-mile radius and an average household income exceeding $120,000 within a 3-mile radius. The submarket is rapidly growing, boasting over 13.9 million square feet of retail and restaurant space within a 5-mile radius.
Industrial and office space in the area amounts to over 15.5 million square feet, resulting in a high daytime population of over 6,800 businesses and 73,500 employees. The property is strategically positioned adjacent to a Costco Wholesale Warehouse, attracting daily-needs consumers to the immediate trade area.
Other nearby amenities include the Tennova Healthcare Turkey Creek Medical Center and the Target-anchored Pavilion of Turkey Creek Shopping Center, as well as numerous multi-family units and educational institutions. The property is approximately 14 miles from downtown Knoxville, Tennessee's third-largest city.
