Stan Johnson Company Arranges Sale of Iowa Industrial Portfolio Leased to Magna International Inc. for $16.9 Million
Toledo, Ohio, August 6, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a four-building industrial portfolio across three rural Iowa markets. Located at 408 & 411 Maplewood Avenue in Williamsburg, Iowa, 403 South 8th Street in Montezuma, Iowa, and 1951 A Avenue in Victor, Iowa, the portfolio totaled nearly 684,000 square feet and was leased to a subsidiary of Magna International Inc.
The facilities were sold by Granite REIT, a Toronto, Ontario-based publicly traded real estate investment trust, which was exclusively represented by Stan Johnson Company’s Rob Gemerchak and Jeff Hughes.
“The transaction illustrates that there remains an active investor market for single-tenant net lease industrial portfolio opportunities in small to mid-sized markets across the Midwest,” said Gemerchak, Director in Stan Johnson Company’s Toledo office.
The buyer, GMS Equities, was an individual investor based in New Rochelle, New York. The portfolio transaction closed on June 18, 2019 for $16.9 million. The cap rate was not disclosed.
“Despite being older construction, these remain high quality assets,” added Gemerchak. “Not only are they well located on Interstate 80, but these are mission-critical manufacturing facilities that would be difficult for the tenant to replace.”
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.