Stan Johnson Company Arranges Sale of A Retail Dentist Property in Lewisville, Texas for $3.3 Million
New York, NY, August 20, 2018 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a single-tenant retail building located in Lewisville, Texas, a suburb of Dallas. Located at 930 West Main Street, the 10,060-square-foot building sold on July 3, 2018 for $3.3 million at a 7.6 percent cap rate. At the time of sale, the property was occupied by a local dentist’s office.
Stan Johnson Company’s Tom Georges and Jon Cohen represented the seller, which was a New York-based private investor. The property was acquired by a private Texas-based 1031 exchange buyer.
“This was an especially challenging sale,” said Georges, Director in Stan Johnson Company’s New York office. “Heartland Dental Care had vacated the property, and it had since been sublet to a local dental care provider.”
With 11 years remaining on the lease, Heartland Dental Care, doing business as My Dentist, had subleased the entire property to Superstar Smiles and Dental Orthodontics. “My Dentist continues to fulfill the obligations of the lease – paying the rent, taxes, insurance, and maintenance for the property,” said Georges.
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.