Stan Johnson Company Arranges Sale of a FedEx Freight Industrial Facility for $9.2 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an industrial truck terminal facility that is fully leased to FedEx Freight. The 33,304-square-foot property is located at 201 Canada Drive in East Syracuse, New York. Stan Johnson Company’s Erik Lundberg exclusively represented the seller, an Erie, Pennsylvania-based private investor. The building was purchased in a 1031 exchange by an institutional investor from California, represented by Jerry Hopkins of Newmark. The sale closed for approximately $9.2 million at a 6.75 percent cap rate.
“This sale represents a very aggressive cap rate for a FedEx Freight asset, especially since there were only three years of base term remaining on the lease,” said Lundberg, Associate Director in Stan Johnson Company’s Tulsa, Oklahoma office.
The build-to-suit property was constructed in 2009 and sits on 26 acres. The facility is strategically located near Interstates 81 and 90, and it is minutes from Syracuse Hancock International Airport. Neighboring tenants include UPS, ABF Freight System and XPO Logistics, among others.
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.