Stan Johnson Company Brokers $4.0 Million Sale of Social Security Administration Office in Gulfport, Mississippi
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a Social Security Administration office located at 9394 Three Rivers Road in Gulfport, Mississippi. The 19,440-square-foot building was purchased for approximately $4.0 million by a private equity group. Stan Johnson Company’s Brian Corriston represented the seller, a developer located in the Southeast.
“With a long lease term in place, government-leased assets continue to trade at strong cap rates,” said Corriston, Director in Stan Johnson Company’s Houston, Texas office. “Representing a developer client, we worked with an experienced private equity group to ensure a smooth and successful transaction.”
The mission-critical facility was built in 2003 and is one of 164 Office of Hearing Operations (OHO) offices nationwide. It is located less than one mile south of Interstate 10 and is situated on 1.75 acres. At the time of sale, there were approximately nine years of firm term remaining on the lease.
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.