Debt & Structured Finance

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 23745 Pebble Run Place in Sterling, Virginia. The 6,000-square-foot industrial property is fully leased to Herc Rentals. The asset was built in 2017 and features an equipment service bay area. Stan Johnson Company’s Zach Harris represented the seller, a private investor based in Hawaii. A New York-based private equity firm acquired the asset for approximately $4.2 million reflecting a 5.26 percent cap rate. “For this transaction, we ran a targeted private placement process and were able to court a very qualified private equity firm that recently raised a new fund to target well-located industrial outdoor storage (IOS) assets nationwide,” said Harris, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “The purchaser was very attracted to the strong location in the Sterling submarket near Dulles, understood the long-term residual value of this asset and are excited to add a tenant like Herc to their portfolio.” Situated on 3.17 acres, the property is located in a highly populated and affluent area, west of Washington D.C., near Dulles International Airport. The facility features a fully fenced outdoor equipment storage yard, a finished office space, an on-site fueling station and a charging station for electrical equipment. Herc Rentals operates on a double net lease.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a three-building industrial facility fully leased to Priority Bicycles, a New York City-based online retailer. Located at 165-169 Miller Avenue and 79 Thomas Avenue in Montgomery, Pennsylvania, the adjoining buildings total more than 97,000 square feet of warehouse and distribution space. Tom Georges of Stan Johnson Company represented the seller, a New York-based individual investor. The asset was purchased by a 1031 exchange buyer out of California for approximately $2.9 million.  “We were able to generate multiple quality offers within just a few days of bringing the property to market,” said Georges, Director in Stan Johnson Company’s New York office. “This property is a great fit for the buyer, and our client ultimately accepted a full-price offer.”  Located about an hour southwest of Scranton and north of Harrisburg, the mission-critical facility was originally built in 1930 and last renovated in 2020. The site comprises 1.15 acres, and the tenant operates on a newly extended, long-term triple net lease. Priority Bicycles launched in 2014 via a Kickstarter campaign with a goal of raising $30,000 to fund their first shipment. The goal was reached after just a few hours, and the company is now known for being featured in a Microsoft Teams commercial that premiered during the 2021 Super Bowl. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial building leased to Collins Aerospace, a leader in technologically advanced and intelligent solutions for the global aerospace and defense industry. The 90,499-square-foot manufacturing building is located at 2599 Empire Drive in Winston-Salem, North Carolina. Jonathan Ameen of Stan Johnson Company represented the buyer, a New York-based individual investor who acquired the asset for $11.4 million. Maggie Holmes of Stan Johnson Company represented the seller, a REIT based in Dallas, Texas.  “This represents a generational asset for my client and an attractive disposition for the seller in the midst of interest rate headwinds,” said Ameen, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “Yet another reminder that the market for critical industrial assets is still very strong.”  The well-maintained facility sits on 5.5 acres and features concrete tilt-up construction, 13 loading docks and high ceilings ranging from 28 to 34 feet. Collins Aerospace has operated the facility for fourteen years and has invested nearly $2.0 million for upgrades and renovations to its assembly and distribution lines. The lease is fully guaranteed by the tenant’s parent company, Raytheon Technologies, a top three global defense contractor with 2021 annual revenues of $64.6 billion.