Marcus & Millichap has completed the sale of a triple-net-leased Caliber Collision property in Berkeley, where the auto services facility totals 17,104 square feet. The single-tenant asset traded for $5 million, which equates to approximately $292 per square foot, reflecting investor interest in long-term, income-focused net-lease opportunities in the area.
The Caliber Collision property is located at 3207 Shattuck Ave. in Berkeley and occupies a 0.40-acre parcel. The site is fully leased to Caliber Collision under a corporate-guaranteed, triple-net lease structure, leaving the tenant responsible for most property-level expenses. At the time of sale, the lease reportedly had about 10 years remaining on the current term.
According to Marcus & Millichap, the lease features contractual rent growth, with 10% rental increases scheduled every five years. The brokerage indicated that the in-place rent is below prevailing market levels, positioning the property for potential income growth over time in addition to current cash flow from the existing lease.
Teodor Vacev, director investments in Marcus & Millichap’s Palo Alto office, handled marketing responsibilities on behalf of the seller, described as a Bay Area-based private investor. Vacev noted that the sale delivered a solid disposition outcome for the seller while providing the buyer with a stable, income-producing asset that offers long-term upside in what he characterized as a challenging market environment.
On the buy side, Marcus & Millichap investment specialists Kirk Trammell and Josh Johnson, also based in the firm’s Palo Alto office, represented the purchaser. The buyer was not identified by name, but the brokerage emphasized that the combination of a long-term, corporate-guaranteed lease, below-market rents and an infill Bay Area location underpinned the investment thesis. Together, these elements were cited as supporting both steady near-term income generation and the potential for future value appreciation at the property.
