Stan Johnson Company Arranges Sale of Village Medical Plaza for $10.0 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant medical office building. The 28,434-square-foot building is located at 3401 Village Drive in Fayetteville, North Carolina. Stan Johnson Company’s Scott Briggs represented the seller, an individual investor and developer located in the state. The property was purchased for approximately $10.0 million by an out-of-state private fund. The cap rate was not disclosed.
“This offering garnered significant interest from many different investors considering 85 percent of the rent generated from the property is funded by a government entity with significant credit quality and is well-insulated from many of the broader macroeconomic movements that private credits are susceptible to,” said Briggs, Senior Director and Partner in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “The federal government carries an AA+ credit rating and the State of North Carolina is one of 13 states that carries an AAA rating by Standard and Poor’s rating service.”
The three-story property features both medical and traditional office space and is fully leased to three tenants including the U.S. General Services Administration for an initial 15-year term, the State of North Carolina Department of Revenue for an initial 10-year term, and Piedmont Physical Therapy Specialists for an initial term of seven years. It was built in 2017 and sits on 1.29 acres in a dense medical and office district immediately adjacent to the Cape Fear Valley Medical Center, a 200-bed acute care facility that treats more than 1.0 million patients annually.
“Through Stan Johnson Company’s proprietary marketing and sales process, we were able to generate a competitive bidding environment that drove pricing for our client and resulted in many strong offers from various capital sources. It was by-the-book and an all-around success from start to finish,” Briggs added.
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.