Caliber Collision | Sparks (Spanish Springs) NV

Caliber Collision

155 Ingenuity Avenue @ Pyramid Highway

Sparks (Spanish Springs), NV

Property Details

Offering Price:

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$6,469,400

Net Leased

+/- 16,196 Sq Ft

5.75%

$371,988

4th Qtr 2023

15 Years

11/30/2038

Absolute NNN

10% Every 5 Years

This opportunity provides a qualified buyer with a long term passive investment, featuring brand new built-to-suit construction. Caliber Collision is expecting a Q4 2023 lease start, offering 15 years on a true NNN lease, with zero landlord responsibilities. The lease also calls for two 5-year renewal options and 10% rent bumps every 5 years, to hedge against inflation.

Spanish Springs is a large, rapidly expanding residential community, located just about 15 minutes north-east of Reno in the northern section of Sparks, Nevada in Washoe County. Spanish Springs has a population of more than 16,000 people, with an emerging industrial presence. The subject site is within the Spanish Springs Business Center, a 594-acre master-planned park strategically located along Pyramid Highway. The Pyramid Highway corridor is thickly lined with densely populated, brand-new neighborhoods.

Spanish Springs is surrounded by numerous residential projects and potential employees, and is the the fastest growing area in all of Washoe County with roughly four out of every ten new homes sold in the country within the Spanish Springs area. Residents enjoy easy access to nearby attractions such as Lake Tahoe or Pyramid Lake as well as plenty of public recreational areas for hiking, biking, and camping. Spanish Springs also provides its community with plenty of entertainment venues such as movie theaters, bowling alleys, and an array of pubs and eateries.

Highlights:

Brand New 2023 Built-to-Suit construction, in a Tax Free state

Brand New 15-year Absolute NNN lease, scheduled to commence Q4 2023

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Regular 10% rent increases every five years provides a hedge against inflation

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Strong corporate guaranty from the largest auto body repair provider in the U.S., 1600+ locations

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Spanish Springs is a fast growing area just 15 minutes north of Reno and Sparks, near many large industrial warehouse and distribution centers, including the new $3.6 Bil Tesla Gigafactory

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The subject site has excellent viability on Pyramid Hwy, is surrounded by numerous boat storage facilities, drivers must stop directly in front of the site to pick up and drop off their boats on their way to visit Pyramid Lake

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Reno is an international tourist destination, with over 4.7 million visitors to the Reno-Tahoe International Airport in 2022

Caliber Collision is a recession resistant business, distracted driving is on the rise with over 290 million vehicles on the road, and over 660,000 drivers using their cell phones at any given moment of the day, spurring the need for collision repair centers