Stan Johnson Company Sells Office Building Near Tampa, Florida
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 7,800-square-foot office building fully leased to Irby Construction Company. The facility, located at 702 Tillman Place in Plant City, Florida, serves as the company’s regional operations center. The seller, represented by John Rotunno of Stan Johnson Company, was a Florida-based private investor. A national REIT purchased the asset for $1.7 million.
“The seller was looking to diversify into new sectors,” said Rotunno, Associate Director in Stan Johnson Company’s New York office. “Despite uncertainty in the office market and less than five years remaining on the lease, we were able to generate interest through a broad marketing effort and close on the sale with a quality buyer.”
Irby Construction is a leading electrical contractor in power line construction. The company builds transmission and distribution systems as well as substations. In early 2020, they relocated regional operations to the Plant City facility from two smaller office locations and signed a five-year net lease. The property, originally constructed in 1995, is situated on more than 1.9 acres just 30 minutes east of downtown Tampa.
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.