Stan Johnson Company Facilitates Sale of Office Building near Augusta, Georgia for $6.1 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 51,250-square-foot, single-story office building. Located at 2231 South Centennial Avenue in Aiken, South Carolina, which is less than 30 minutes from downtown Augusta, Georgia, the facility is fully leased to a large corporate user. Stan Johnson Company’s Jimmy Ullrich and Michael J. Macchia represented the seller, a private equity group based in New York. The buyer, a real estate investment company based in Hayden, Idaho, was represented by Stu Peterson of Macadam Forbes. The asset was acquired for approximately $6.1 million, and the cap rate was not disclosed.
“The buyer was highly motivated to acquire this property, as they’ve been following demographic changes and were drawn to the Southeast’s story of growth and commerce,” said Ullrich, Director in Stan Johnson Company’s New York office. “As investors look to the next frontier of opportunities, single-tenant office buildings could be that next frontier. There is so much uncertainty about post-pandemic occupancy that it’s hard to price some office assets at this point in time, but I firmly believe in the future of office space, and investors who take the long-view on the sector should see long-term rewards.”
The property was built in 1990 and is situated on more than 6.8 acres. The facility provides convenient access to Interstate 20 and is close to a thriving retail corridor featuring numerous national brands including Home Depot, Kroger, Target, Starbucks, CVS Pharmacy and more. Nearby office tenants include UPS, AECOM Corporation and the South Carolina Department of Health and Human Services.
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.