Stan Johnson Company Arranges Acquisition of Kentucky Manufacturing Facility For $6.2 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an industrial manufacturing facility at 998 East Park Drive in Grayson, Kentucky. The newly constructed build-to-suit property totals 25,000 square feet and is fully leased to Flowserve, a leading provider of fluid motion and control products and services. BJ Feller, Isaiah Harf and Andy Gatchell of Stan Johnson Company represented the buyer, a Tulsa, Oklahoma-based family partnership, who purchased the asset for $6.2 million at a 7.50 percent cap rate. The Houston, Texas-based seller, Investment & Development Ventures LLC, was represented by Alex Sharrin and Trent Agnew of JLL.
“The acquisition of the Flowserve industrial property played a crucial role in fulfilling our client’s 1031 exchange associated with a strategic portfolio repositioning,” said Feller, Managing Director & Partner in Stan Johnson Company’s Chicago, Illinois office. “Private investors continue to view the industrial segment as a safe harbor in times of economic uncertainty.”
The property is located within a 1,000-acre, multi-use business park strategically located along Interstate 64 in northeast Kentucky near the Ohio and West Virginia borders. At the time of sale, there were more than 14 years of term remaining on the tenant’s double net lease.
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 $35 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.