Stan Johnson Company Brokers Two Sales of Walmart Supercenters in Michigan and Ohio for a Combined $31.6 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed two individual property sales of freestanding big-box Walmart Supercenters in the Midwest on behalf of a Dayton, Ohio-based developer, RG Properties. The seller was represented by Daniel Herrold and Campbell Black of Stan Johnson Company. One property, located at 3850 East Grand River Avenue in Howell, Michigan, totals more than 214,000 square feet and sold for $20.6 million. The buyer, Consolidated Tomoka Land Company, was represented by Brandon Duff of Stan Johnson Company. The second property, at 85 River Trace Lane in Chillicothe, Ohio, encompasses 204,184 square feet. It sold for approximately $11.0 million to Agree Limited Partnership, an institutional investor. The cap rates for both sales were undisclosed.
“Transacting both deals during these uncertain times is a true testament to the efforts of all parties involved,” said Herrold, Senior Director in Stan Johnson Company’s Tulsa, Oklahoma office. “Walmart is always a highly desirable credit, but especially now given the pandemic and Walmart’s status as an essential business. Both assets were extremely marketable and viewed as a flight to safety for investors that may otherwise have sought higher yields. I believe this was a win-win for both investor groups.”
Both properties were built in the 1990s and each sit on approximately 20 acres. Both assets offer corporate guarantees on absolute 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 $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.