Stan Johnson Company Arranges Sale of ALDI Grocery Store in South Florida for $3.6 Million
Palm Beach County, Florida, March 28, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 22,293-square-foot retail building leased to ALDI. The newly constructed single-tenant grocery store is located in Palm Beach County, Florida.
The property was purchased by a private New York family, represented by William Caruso, Associate Director in Stan Johnson Company’s New York office.
“Our client was in a 1031 exchange, and they were attracted to the property because of the strength of ALDI’s credit, the long-term lease, and the solid real estate fundamentals,” said Caruso.
The property was sold by the developer, which was represented by Calkain’s Patrick Nutt. The property sold on March 28, 2019 for $3.6 million at a 4.75 percent cap rate.
Built in early 2019, the property sits on 3.04 acres with traffic counts approaching 40,000 vehicles per day. A 20-year, absolute triple net ground lease is in place.
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 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 $30 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.