Description

Industrial investment property in highly desirable Tigard, OR location. Leased through 5/31/2027 to Caliber Collision with rent increases and options to extend.

Site History: Purchased in 1986 by Dick Kadel with only the smaller building constructed on site (also previously used for alignment and auto body uses), Kadel’s Auto Body constructed the new and larger facility. Kadel’s was eventually sold to Abra, who recently merged with Caliber Collision creating a chain of more than 1,100 locations in 37 states. The business has continually been operated onsite for 34 years and remains owned by Dick Kadel (seller).

Location

Superb location just off Hwy 217 and Greenburg Rd exit. The Tigard / Hwy 217 Submarket is located in SW Portland and is a sought after part of town, with very little opportunities for new construction or added competition. The site itself is located very close to the SW Greenburg Rd Exit on Hwy 217 – and only a few miles from the Hwy 217 / I-5 interchange.

Highlights

Absolute Net Lease Offering. No landlord responsibilities for maintenance. New roof completed in 2017.

Lease Term: Abra signed a new 10 year lease in 2017, which was assigned to Caliber in November 2019. The lease term offered 5 years of flat rent followed by 5 years of annual increases of 2.5% each. The remaining lease term in place is approximately 6.5 years, ending in May 2027.

Deferred Rent Details: 40% of the base rent from April 2020 – June 2020 was deferred, totaling $38,821.93. It is to be paid back in monthly installments between October 2020 and September 2021 – totaling $3,235.16 per month.

Favorable Zoning: Zoning on the property is MUC (Mixed Use Commercial), by the City of Tigard. The MUC zone includes land around the Washington Square Mall and land immediately west of Highway 217. Primary uses allowed include office buildings, retail, and service uses. Also allowed are mixed-use developments and housing at densities of 50 units per acre. Larger buildings are encouraged in this area with parking under, behind, or to the sides of buildings.