4144 and 4152 Oak Park Drive SE in Grand Rapids. 4144 and 4152 Oak Park Drive SE in Grand Rapids. PHOTO VIA PROPERTY RECORDS

California REIT buys Grand Rapids auto body shop for $1.1M

BY Friday, July 29, 2022 01:14pm

GRAND RAPIDS — A Mill Valley, Calif.-based real estate investment trust recently purchased property in southeast Grand Rapids for $1.1 million.

The publicly traded REIT, Four Corners Property Trust (NYSE: FCPT), purchased two properties located at 4144 and 4152 Oak Park Drive SE on July 12, according to property records. The adjacent properties near the intersection of 44th Street and Kalamazoo Avenue include three buildings that include an auto body shop for national chain Caliber Collision.

The properties were owned by DJS Property LLC and corporate-operated and under a lease term for nine more years, according to a Four Corners Property Trust release. The transaction was priced at a 6.6 percent capitalization rate for the property along a “highly trafficked corridor,” according to FCPT.

FCPT focuses on owning, acquiring and leasing restaurant and retail properties. Built in the 1960s, the three buildings on Oak Park Drive total 13,000 square feet, according to property records.

FCPT’s portfolio includes more than 950 properties across 47 states and more than 115 brands. The company’s core strategy involves acquisitions and sale leasebacks to restaurants and retailers.

According to an investor presentation last week on second-quarter results, FCPT has closed $96 million in property investments in 2022, including $35.3 million in the auto service sector.

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