Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 7012 FM 3009 in Schertz, Texas. Located northeast of San Antonio, the 101,000-square-foot mission-critical facility is fully leased to FedEx Freight. The seller, a California-based private investor, was represented by Mollie Alteri, Joey Odom, Mike Sladich, and Maggie Holmes of Stan Johnson Company. S&B Detrick LP, a private investor on a 1031 exchange, purchased the asset for $25.7 million and was represented by Cushman & Wakefield.
The offering presented the buyer with an opportunity to acquire a logistically significant industrial asset on a long-term lease with a strong credit tenant,” said Alteri, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “The way in which we consume and move goods has changed dramatically this cycle, and recent events related to the emergence of COVID-19 have highlighted the critical importance of logistics and distribution infrastructure. This disposition illustrates that logistics and distribution assets continue to be highly favored by investors, especially when the occupying tenant is essential to our daily lives. FedEx is an industry leader and they’ve invested billions of dollars this cycle to expand network capabilities to meet the consumer at their doorstep, both facilitating the growth of e-commerce and stepping in as an essential service provider during the current health crisis.”
The facility is strategically located with immediate proximity to Interstates 10 and 35, providing ease of access to trucking routes that serve some of the fastest growing cities in the country, including the nearby San Antonio MSA, as well as other key Texas metros like Austin, Dallas, and Houston. The property sits on nearly 33 acres, and it was originally constructed in 1995 as a 77,000-square-foot build-to-suit for the tenant. In 2013, the property was expanded to meet increasing service demands.
“We are facing unprecedented times, but we believe the industrial sector is uniquely suited to serve today’s rapidly changing environment,” added Alteri.