Stan Johnson Company Completes Sale of National Park Service Office in Wisconsin for $7.8 Million
Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of 37705 Roys Point Boulevard in Bayfield, Wisconsin – a single-tenant, 26,640-square-foot office building occupied by the National Park Service. The property traded for approximately $7.8 million.
Stan Johnson Company’s Scott Briggs exclusively represented the seller, Roy’s Pointe LP, a Wisconsin limited partnership.
“There were many transactional nuances posed by the declining rental stream, the special purpose building structure, and its accompanying marina that made this sale more challenging than most as we guided this from listing to close,” said Briggs, Director in Stan Johnson Company’s Tulsa, Oklahoma office. “However, this project is an attractive, mission-critical facility for the National Park Service. It functions as a marina, boat maintenance facility, and field office that serves the 21 islands and 43,000 acres of public lands that comprise the Apostle Islands National Park in upstate Wisconsin. A recent lease extension by the tenant will provide the new owner with rental income for many years that is guaranteed by the federal government.”
The property was purchased by Bayfield WI I SGF, LLC, a Delaware limited liability company. The tenant had recently executed a 15-year lease extension, and at the time of sale had 12 years of firm term remaining on their modified gross lease.
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.