Stan Johnson Company Completes Sale of the Midtown Medical Multi-tenant Medical Office Building in Fort Worth, TX for $19,200,000 Million
Fort Worth, Texas, October 27, 2016 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of the Midtown Medical Office Building, a 57,404 SF, multi-tenant medical office building located on 900 Jerome Street, Fort Worth, Texas to Roque Properties for $19.2 million.
Toby Scrivner, Jeff Matulis, Grant Wilkins and Colin Cornell of the Healthcare Net Lease Group of Stan Johnson Company represented the seller, Ridgeline Capital Partners. Stan Johnson Company also represented the buyer in the transaction.
Toby Scrivner and team received many offers on this property, but eventually whittled it down to two potential buyers. They created a bidding war between an institutional buyer and a 1031 investor. In a matter of 2 days, the team negotiated a 40-basis-point decrease from the start of the competitive bidding process. They achieved a sales cap rate that exceeded pricing expectations and beat the market by 75-100 basis points.
“In the end it was a major win for our client. They had purchased the building a year before the sale had occurred and achieved a very high return on their investment,” said Wilkins.
The Midtown Medical building is at the gateway to the Medical District, home to Tarrant County’s five major hospitals, as well as dozens of independent clinics. The property is located adjacent to the Plaza Medical Center of Fort Worth, a 216-bed short term acute care facility. The property is also less than one mile from the Texas Health Harris Methodist Hospital, and the Baylor All Saints Medical Center at Fort Worth, which are 646- and 574-bed acute care facilities, respectively. The facility is part of a mixed-use development with both a hotel and restaurants located on site.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses exclusively on single-tenant net lease transactions involving retail, office, industrial, healthcare and sale leaseback properties. The firm provides acquisition, disposition, capital markets and advisory services for institutions, developers, investment funds and private investors across the United States. Now in its fourth decade of serving as a trusted advisor to its valued clients, Stan Johnson Company has completed more than $20 billion in transactions nationwide and is regarded as the Net Lease Authority®. To learn more about Stan Johnson Company, please visit the recently enhanced website at www.stanjohnsonco.com.