Stan Johnson Company Brokers Sale of Oklahoma Retail Center for $3.9 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a two-tenant retail center in Durant, Oklahoma. Located at 2418 and 2424 West Main Street, the 74,759-square-foot property was fully leased by Big Lots and Orscheln Farm & Home. Stan Johnson Company’s Ryan Roedersheimer, with support from Senior Analyst Mark Brourman, represented the seller, an individual investor from Sapulpa, Oklahoma. The buyer was CTO Realty Growth Inc., an institutional investor based in Daytona Beach, Florida. They acquired the asset for $3.9 million, reflecting a 7.49 percent cap rate.
“As expected, this asset received immediate interest from investors,” said Roedersheimer, Associate Director in Stan Johnson Company’s Cincinnati, Ohio office. “In the end, we were most impressed with the offer and terms from CTO Realty Growth. Their familiarity with both the market and the tenants led to a smooth transaction for all involved.”
The property was originally built in 1985 and has undergone recent capital improvements. The center is situated on approximately 7.1 acres within the city’s main retail corridor. Neighboring tenants include Walmart Supercenter, Harbor Freight Tools and Aaron’s, among many others, and the center is just minutes from the 1.2-million-square-foot Big Lots distribution center. Both tenants operate on triple net leases.
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.