Stan Johnson Company Arranges Sales of Two Multi-Tenant Retail Centers in Texas with a Focus on Individualized Client Solutions in Today's COVID-19 Environment
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has assisted buyers with the purchase of two unanchored strip centers. Ruby Plaza, a 15,000-square-foot center, is located at 6600 Val Verde Road in Donna, Texas, while Palmhurst Plaza in Mission, Texas is located at 155 West Mile 3 Road and is 11,580 square feet. Both centers sold to private investors from Texas and were represented by Evan Altemus in Stan Johnson Company’s Dallas, Texas office. Together, the properties traded for nearly $1.5 million, although neither cap rate was disclosed.
“In today’s COVID-19 environment, it’s absolutely a team effort with lenders, title companies and other brokers to get a deal done,” said Altemus, Associate Director at Stan Johnson Company focused on multi-tenant retail investment sales. “It’s critical as a broker to really listen to what the client is looking for and take the extra time to thoroughly research each potential deal, as many buyers are looking to transact despite the pandemic, but may be skeptical about tenants’ situations.”
Altemus has also paired buyers with freestanding net lease retail properties in recent weeks, including a Family Dollar in Leesburg, Georgia and a Dollar General located in Fort Stockton, Texas. Both of these assets were purchased by private 1031 exchange investors.
“Many buyers thought ‘good deals’ would be abundant due to COVID-19, but that hasn’t necessarily been true,” added Altemus. “Good deals are available, but it takes a bit of digging to find them sometimes. Buyer-seller expectations aren’t always aligned, and many sellers are reluctant to sell at a discount because they view today’s pandemic conditions as temporary. But with investors needing or wanting to transact, I’ve focused on giving my clients different options to consider, studying the pros and cons of each opportunity, and helping them work through COVID-19-related difficulties that arise, so they can successfully achieve their individual investment strategies.”
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.