Stan Johnson Company Arranges Purchase of Louisiana PetSuites for $5.0 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant retail property located at 8200 Perkins Road in Baton Rouge, Louisiana. The 14,000-square-foot building is fully leased to PetSuites. Tom Georges and Stewart Riggs of Stan Johnson Company represented an individual investor from Arkansas in the purchase of the asset. The developer, 3B Development LLC, sold the property for approximately $5.0 million at a 6.85 percent cap rate.
“As the buyer’s representative, we needed to be mindful of the timing of our client’s 1031 exchange,” said Georges, Director in Stan Johnson Company’s New York City office. “The transaction proved to be more challenging than we originally thought, as last-minute negotiations delayed closing and changed material elements of the deal. In the end, the buyer was thrilled with the results we delivered and was pleased to have acquired a quality asset with a strong tenant at a great cap rate.”
PetSuites Pet Resort & Spa is a leader in the expanding pet hotel and boarding facilities sector. The company provides canine and feline services that include daycare, overnight, and extended stay accommodations. The Baton Rouge location is backed by parent company, National Veterinary Associates Inc., and the tenant is on a long-term 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.