TYLER , TEXAS, November 26, 2019 – Top Midwest investment sales team Patton | Wiles | Fuller Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Camping World, a 46,991-square foot net-leased RV dealership and service center located in Tyler, Texas. The asset sold for $7,385,000 which equates to a 7.25 percent cap rate on the current net operating income and $169 per square foot.
Scott Wiles, Craig Fuller, and Erin Patton, Senior Vice Presidents and Executive Directors with Marcus & Millichap’s National Retail Group, had the exclusive listing to market the property on behalf of the seller, a Midwest-based publicly-traded REIT. The out-of-state buyer purchased the deal all-cash, and was also secured by Wiles, Patton, and Fuller. Tim Speck, Regional Manager and Broker of Record of Marcus & Millichap’s Dallas office, assisted in closing the transaction. “This was an interesting assignment for our team as there have been very few market sales of Camping World-leased properties in the past several years which created challenges in pricing the asset and identifying a buyer pool. Nonetheless, we were able to effectively create a market for the property and strike a deal with a strong cash buyer” commented Wiles.
Camping World is located at 11271 US-69 N in Tyler, Texas, approximately one-hour east of the Dallas-Fort Worth MSA. The property consists of two buildings situated on over 10 acres and the tenant is bound to a long-term absolute triple-net lease. Camping World is the largest recreational vehicle dealer in the United States with over 130 dealerships. At the time of sale, there were approximately 17 years of term remaining on the subject property’s lease.
Year to date, Patton, Wiles, and Fuller have sold over $300 million of net-leased properties and retail shopping centers throughout the Midwest and beyond.