Property Details

The Verger Team is pleased to present the opportunity to acquire a 2.06 Acre Commercial Investment Property located in Poulsbo, Washington, leased to Puget Collision LLC with 7+ Years of remaining Firm-Term, on a NNN Lease through July 2033, with (2) 5-Year Extension Options. Puget Collision LLC is a rapidly expanding Collision Repair Operator that has grown from 18 to 70 locations across 6 states, under the CARSTAR and Fix Auto brands. The Lease provides 3% Annual Rent Increases on Base Rent + NNN, offering predictable income growth with minimal landlord expense exposure. The investment is further enhanced by an Executed Option and Lease Agreement with Eddy Energy LLC, a Delaware based Battery Energy Storage Developer, providing up to $45,000 in Non-Refundable Option Payments over 36 months, followed by a 30-Year Energy Storage Lease with 15% Rent Escalations every 5-Years, delivering additional income from the site. Strategically positioned with direct frontage on State Route 3, the primary north-south highway connecting Poulsbo to Bremerton and the Bainbridge Island ferry, the property offers excellent visibility with 31,000+ VPD, and access within a high-traffic commercial corridor. The site benefits from proximity to Naval Base Kitsap, one of the region's largest employers, and the continued growth of Kitsap County's economy, supported by ferry-commuter demand to Seattle and a stable defense-sector employment base, further underpinning the long-term performance of the investment.INVESTMENT HIGHLIGHTS:- NNN Lease with National Tenant: The property is leased to Puget Collision LLC with 7+ Years Remaining of Firm-Term on a NNN Lease, with 3% Annual Rent Increases, through July 2033, with (2) 5-Year Options at Fair Market Rent.- Recession-Resistant Industry: The collision repair industry is considered recession-resistant, as the demand for vehicle repairs persists regardless of economic conditions. This stability ensures a consistent tenant business model.- Rapidly Growing Tenant Credit: Puget Collision has expanded from 18 to 70 CARSTAR and Fix Auto locations across six states since lease execution in 2023.- Long-Duration Energy Storage Optionality: Eddy Energy LLC, a Battery Energy Storage Developer, provides up to $45,000 in Non-Refundable Option Payments over 36 months, followed by a 30-Year Energy Storage Lease with 15% Rent Escalations every 5-Years, delivering additional income from the site.- Strategic Highway 3 Corridor Location: Strategically positioned with direct frontage on State Route 3, the primary north-south highway connecting Poulsbo to Bremerton and the Bainbridge Island ferry, the property offers excellent visibility with 31,000+ VPD, and access within a high-traffic commercial corridor.- Sub-Market Vacancy: According to CoStar, the Light Industrial vacancy rate within Poulsbo is less than 1%, a direct reflection of the minimal light-industrial supply that exists within the city.