Stan Johnson Company Brokers 1031 Exchange Acquisition Of Sonic Drive-In Restaurant In San Juan, Texas
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 207 West FM 495 in San Juan, Texas. The newly built 2,308-square-foot quick service restaurant is leased by Sonic Drive-In. The private 1031 exchange buyer from Oklahoma was represented by Stan Johnson Company’s Jonathan Ameen. The seller was a Texas-based developer, and they were represented by Matthew Mousavi of SRS Real Estate Partners. The sale price and cap rate were not disclosed.
“This is a great fit for the investors, who are transitioning their portfolio to long-term, absolute net, essential retail properties,” said Ameen, Associate Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “This transaction also represents the first Texas location for an experienced Sonic franchisee who has significant growth plans across south Texas.”
The restaurant was constructed in November 2020, and at the time of sale, there were 19.6 years remaining on the absolute triple net lease. The property is situated on 0.86 acres just north of the U.S.-Mexico border and approximately one hour west of South Padre Island, Texas on Interstate 2.
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.