Stan Johnson Company Announces $4.9 Million Sale of Stafford Crossing Shopping Center in Plainfield, Indiana
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Stafford Crossing, a 26,000-square-foot shopping center. The property is located at 2230 Stafford Road in Plainfield, Indiana which is approximately 15 miles southwest of downtown Indianapolis. Stan Johnson Company’s Blaise Bennett and BJ Feller represented the seller, a locally based developer. The property was acquired for $4.9 million by a private investor based in Indiana.
“Despite COVID-19 concerns, we saw multiple offers on the property and ultimately moved forward with a private 1031 exchange investor who was purchasing several properties in the area,” said Bennett, Associate Director in Stan Johnson Company’s Chicago, Illinois office. “This shopping center was viewed very favorably in the market given its historical occupancy levels and strong tenant mix – all of which fulfilled rental obligations during the pandemic.”
The property was built in 2007 and is situated on nearly four acres with ample parking. At the time of sale, the multi-tenant retail center was 91 percent leased to nine tenants. The center’s anchor tenant, Chicago’s Pizza, recently executed a long-term lease extension illustrating confidence in the company’s second-highest performing location.
“We continue to see investor demand in the multi-tenant retail sector, especially for sites comprised of service-based retailers paying reasonable rents in markets with strong real estate fundamentals – a trend we expect to continue throughout 2021,” added Bennett.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.