Stan Johnson Company Arranges Sale of Two-Building, Multi-Tenant Industrial Facility Anchored by FedEx Express
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of 480-500 Lordship Boulevard in Stratford, Connecticut. The industrial distribution facility spans two buildings, totals 60,353 square feet, and is leased to four tenants. Stan Johnson Company’s Colin Couch represented the seller, The Marsilio Group. The asset was purchased by a private 1031 exchange investor from New York who was represented by Dave Richard of Colliers. The facility traded for approximately $6.1 million, reflecting a 6.83 percent cap rate.
“We were able to generate multiple offers and facilitated a competitive bidding environment,” said Couch, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “Over half of the two-building facility is leased to FedEx Express – an essential logistics provider that has proven resistant to recession and other COVID-19 related volatility. The remaining square footage is leased to a diverse mix of tenants spanning the electrical supply, moving and storage, and healthcare industries.”
The property is located in an opportunity zone and features prime industrial real estate directly along the Long Island Sound. The facility is less than one hour from New York City and is strategically located next to Sikorsky Memorial Airport, a FedEx cargo servicer. Additionally, the site provides convenient access to Interstate 95, also known as the Connecticut Turnpike. Originally built in 1952 on 3.84 acres, the property has since been renovated.
“The cap rate we were able to achieve emphasizes the strength we continue to see in the industrial sector of the net lease market,” added Couch.
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 $40 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.