Stan Johnson Company Brokers Sale-Leaseback of Triple Net Convenience and Gas Portfolio in California for $24.5 Million
Los Angeles, California, June 28, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale-leaseback of a six-property portfolio of Mobil-branded convenience and gasoline (C&G) retail sites in Los Angeles, California.
Matt Lipson, Chris Lomuto and Milo Spector, Associate Directors in Stan Johnson Company’s Portland, Oregon and Walnut Creek, California offices, exclusively represented the seller/operator in the transaction. Known as 1234 M Division Street, the seller/operator is a boutique carwash and C&G operator based in Southern California.
“Being a merger and acquisition-style sale-leaseback, this deal was bound to be complicated – and it did not disappoint,” said Lipson. “We were in escrow for nearly eight months, but everyone came out a winner, including buyers, sellers and tenant. The acquiring tenant found the lion’s share of their acquisition financing via sale-leaseback, and a highly sophisticated C&G real estate owner acquired six tremendously valuable properties with a long-term tenant in place.”
A New York-based institutional investor purchased the portfolio on June 17, 2019 for $24.5 million at a 7.25 percent cap rate.
“Between all the underwriting, multiple escrows, 750+ pages of legal documents, and several financing instruments, including a partial seller-carry, this was one of those deals that really blurs the line between real estate brokerage and investment banking,” said Lomuto. “So, we’re truly happy for all the parties that we were able to overcome all the challenges. It felt like we really climbed a mountain on this one. But best of all, we climbed that mountain together, as one cohesive deal team.”
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses exclusively on net lease transactions involving retail, office, industrial, healthcare and sale-leaseback properties. The firm provides acquisition, disposition, capital markets and advisory services for institutions, developers, investment funds and private investors across the United States. Now in its fourth decade of serving as a trusted advisor to its valued clients, Stan Johnson Company has completed more than $30 billion in transactions nationwide and is regarded as the Net Lease Authority®. To learn more about Stan Johnson Company, please visit the recently enhanced website at www.stanjohnsonco.com.