Stan Johnson Company Brokers Sale of Newly Constructed Harbor Freight Tools in Fort Worth, Texas for $6.0 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a freestanding retail building located at 3569 Northwest Centre Drive in Fort Worth, Texas. The 16,000-square-foot property was built in 2020, and it is fully leased to Harbor Freight Tools. Stan Johnson Company’s Mike Sladich, Joey Odom, Maggie Holmes and Mollie Alteri represented the seller, a developer based in South Carolina. Jimmy Ullrich of Stan Johnson Company represented the South Florida 1031 exchange buyer. The property traded at a 5.90 percent cap rate for nearly $6.0 million.
“Harbor Freight Tools is a rapidly expanding tenant that has thrived during COVID-19, and this sale sets another benchmark for ‘essential retail’ cap rates,” said Sladich, Senior Director and Partner in Stan Johnson Company’s Atlanta, Georgia office. “We have continued to receive significant demand from buyers for this sector and expect cap rates to remain aggressive.”
The property was built on 1.62 acres and opened in summer 2020. It features a long-term double net lease and is backed by a corporate guaranty.
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.