JLL Capital Markets announced today that it has closed the sale of a two-property retail portfolio totaling 41,218 square feet and net leased to Caliber Bodyworks of Texas, Inc. in the Dallas-Fort Worth area community of Richland Hills, Texas.
JLL marketed the portfolio on behalf of the seller, Carlen Enterprises.
The portfolio comprises neighboring properties at 3936 Flory St. in North Richland Hills and 6816 Boulevard 26 in Richland Hills. Caliber Bodyworks of Texas, Inc. (“Caliber Collision”) is the largest collision repair company in the country and has been operating at the locations on a double-net lease structure since 2001. The Flory Street property is a traditional Caliber Collision service center that performs typical services such as car rentals, paintless dent repair and removal, auto glass repair and diagnostic scanning. The 6816 Boulevard 26 property is a non-drive location that only services vehicles significantly damaged during accidents and mishaps and is one of only two locations in DFW.
Less than half a mile from each other, the properties are within a commercial node around Boulevard 26, which sees more than 19,000 vehicles per day on average. The properties are in a dense, infill area that houses more than 269,000 residents with an average annual household income of $77,000 within a five-mile radius.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Mark West and Director Caroline Binning.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.