Stan Johnson Company Brokers Record-Setting Sale of Former Salem, Oregon Manufacturing Plant
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, recently completed the sale of a last-mile delivery station in Salem, Oregon. The property was a 129,760-square-foot former solar panel plant owned and operated by Panasonic. The Panasonic operation closed September 2017 and was acquired in March 2018 by facility turn-around specialist, the Reich Brothers of White Plains, New York. The Reich Brothers leased the entire facility to a Fortune 100 e-commerce company in the fall of 2019. Both Reich and the tenant did extensive renovations in the ensuing 12 months to customize the building. The buyer was SPC LLC, a prominent New Jersey owner and syndicator. The building traded for $28.25 million, setting a record for price per square foot in the state of Oregon.
“Our client was pleased to acquire another high-profile industrial facility,” said Craig Tomlinson, Senior Director and Partner in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “This deal is proof that investment-grade, single-tenant industrial properties of this size are no longer just an institutional play.”
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 and its affiliates provide 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.
About Reich Brothers:
Reich Brothers is a national industrial real estate investment group with 15,000,000 square feet under management across the United States and specializes in the repurposing of underutilized industrial assets for modern day manufacturing and distribution uses.