Stan Johnson Company Completes Sale of Multi-Tenant Retail Center in St. Petersburg, FL for $3.625 Million
New York, NY, August 20, 2018 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a multi-tenant retail center at 1046-1068 4th Street North, St. Petersburg, Florida. The center is approximately 9,200 square feet, and it is anchored by a 1,840-square-foot corporately-guaranteed Dunkin’ Donuts ground lease. The asset traded for $3.625 million on June 1, 2018 at a 6.43 percent cap rate.
Stan Johnson Company’s team of Tom Georges and Jon Cohen represented the seller, a New York-based private investor. Both the seller and buyer were motivated by 1031 exchanges.
Located in the downtown area of St. Petersburg, the 4th Street North Corridor has the highest traffic counts in the city. “This city has been recently ranked as the number four MSA where Americans are moving,” said Georges, Director in Stan Johnson Company’s New York office.
The Dunkin’ Donuts was built in 2012, at which time it was awarded Gold Level LEED Certification. “It is one of a few select Dunkin’ Donuts in the U.S. to be awarded this recognition,” Georges added.
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.