Stan Johnson Company Completes Sale of Multi-Tenant Retail Building in Destin, Florida for $5.5 Million
Atlanta, Georgia, February 15, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a dual-tenant, 9,170-square-foot retail building occupied by Advance Auto Parts and Starbucks. Located at 34881 U.S. Highway 98 in Destin, Florida, the recently built property was developed on the site of a former TGI Friday’s.
The property was purchased by a Phoenix, Arizona-based individual investor who was represented by Associate Director Jason Long in Stan Johnson Company’s Atlanta office.
“This property offered excellent fundamentals and was a perfect fit for the buyer,” said Long. “It is strategically located on the area’s main thoroughfare, and the property benefits from the large tourist population that Destin receives annually, not to mention the strong local population.”
The seller, Southeastern Retail Development, was a developer based in Atlanta, Georgia. The property sold for $5.5 million at a 5.85 percent cap rate. Long-term net leases are in place for both tenants, and the sale closed on February 12, 2019.
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.