Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a four-star skilled nursing facility located at 13960 Plantation Road in Fort Myers, Florida. The 57,650-square-foot building is fully leased to Lee Memorial Health, a Southwest Florida community-owned health system. The seller was a Florida-based developer. Stan Johnson Company’s Jason Maier represented the 1031 exchange buyer, a private investor based in New York. The asset was acquired for $46.7 million.   “We are excited to have been a part of this dynamic transaction. Fort Myers has been a strong growing market in Florida and has undergone a very rapid expansion in recent years. Lee Memorial is by far the dominant and most prestigious hospital in the area with an unbelievable management and executive team,” said Maier, Senior Director in Stan Johnson Company’s New York office. “We believe the acquisition of this state-of-the-art facility will provide our client with both long-term stable income and huge upside appreciation through rental rate growth and land value appreciation.”  The facility was built in 2018 and is situated on 4.28 acres in a southern suburb of Fort Myers on Florida’s west coast. The property is strategically located in the Gulf Coast Medical Park and is situated on the Lee Memorial Hospital Main Campus with direct access to the emergency room and main hospital building via a reciprocal access agreement. The building serves as a long-term acute care, inpatient, and outpatient facility serving Lee Memorial patients. The Gulf Coast Medical Center houses a trauma center and neuroscience institute, as well as orthopedic, oncology and cardiology services. The property was under a long-term triple net lease at the time of sale, with strong annual increases and is guaranteed by Lee Memorial Health Systems.  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a retail property located at 4317 Feedwire Road in Centerville, Ohio. The 28,780-square-foot property is leased to Marshalls, the second largest off-price clothing retailer in the U.S. The T.J. Maxx affiliate operates under a long-term triple net lease structure. Stan Johnson Company’s Mark Lovering represented the seller, an individual investor based in Chicago, Illinois. A Vancouver, Washington-based group of investors acquired the asset for approximately $7.3 million.   “Although cap rates for investment-grade net lease assets have remained low, interest rates have risen steeply. This created a rare opportunity for the owner, who had previously been unable to defease a CMBS loan that encumbered the building; however, once rates skyrocketed, their defeasance cost went down, creating the perfect window for the owner to sell this high-quality asset,” said Lovering, Associate Director in Stan Johnson Company’s Chicago, Illinois office. “As the commercial real estate industry continues to adjust to rising interest rates, we expect defeasance requests to continue to trend upwards in the coming months.”  The property is positioned within a 324,000-square-foot power center directly across from a new, 125-acre multi-use development. In addition to its outstanding location, the property benefits from exceptional demographics, with 132,492 residents within a five-mile radius. Neighboring tenants include PetSmart, Target, The Home Depot, Costco Wholesale, Cabela’s and Kroger.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 59,160-square-foot retail center anchored by Planet Fitness. The north Florida property is located at 1925 North Monroe Street in Tallahassee, Florida. Stan Johnson Company’s Brett Puckett represented the seller, an individual investor based in Tennessee. A private 1031 exchange buyer acquired the property for $7.6 million.  “This is our team’s sixth Planet Fitness-related transaction in the past year and speaks to the strength of the Planet Fitness name and our timing in the market,” said Puckett, Associate Director in Stan Johnson Company’s Cincinnati, Ohio office. “We achieved our win/win objective by exceeding our seller’s pricing expectations and having a buyer walk away satisfied with a fantastic investment property.”  The property, minutes from Interstate 10 in north central Tallahassee, is situated on 4.93 acres and was built in 1977. In addition to Planet Fitness, the retail center includes two additional tenants and neighboring tenants include Publix, Starbucks, Walgreens and more national retailers. The tenants operate on long-term triple net leases. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of the Concord Station neighborhood center located at 8621 Concord Mills Boulevard in Concord, North Carolina. The 45,569-square-foot retail center was 100 percent leased at the time of sale. Billy Benedict of Stan Johnson Company represented the South Carolina-based private buyer. The seller was a developer based in Florida. The asset was acquired for approximately $15.2 million.  “Concord Station will be a great long-term investment with its central location at the heart of the super-regional hub along one of Charlotte’s major growth corridors. The property benefits from its adjacency to Concord Mills which includes Bass Pro Shops, Dick’s Sporting Goods and Best Buy and is the largest single-site tourist attraction in North Carolina,” said Benedict, Associate Broker in Stan Johnson Company’s Alpharetta, Georgia office. “The buyer already had six similar multi-tenant centers in the Charlotte metro area, and therefore Concord Station was a very logical fit for their expanding portfolio.”   Located 15 miles northeast of Charlotte and about two miles west of Charlotte Motor Speedway, the center features nine tenants including McAlister’s Deli, Guitar Center, The UPS Store and Big Blue Swim School.  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Silver Lake Village, an 87,750-square-foot shopping center located at 2311 Southeast Adams Boulevard in Bartlesville, Oklahoma. Anchored by T.J. Maxx, Ross Dress For Less, Petco and ULTA, the center was fully leased at the time of sale to 12 tenants. Stan Johnson Company’s Margaret Caldwell and Patrick Kelley represented the seller, GBT Realty Corporation based in Brentwood, Tennessee. A Florida-based 1031 exchange private buyer acquired the asset for approximately $15.3 million.  “Silver Lake Village was the perfect investment opportunity for this 1031 exchange investor who submitted a pre-emptive offer shortly after we hit the market,” said Caldwell, Managing Director and Partner in Stan Johnson Company’s Atlanta, Georgia office.   The property is situated on 9.41 acres and shadow-anchored by the only Lowe’s within 30 miles.  The shopping center boasts a signalized intersection with excellent visibility from Adams Boulevard and the adjacent recreational area, Lee Lake. Non-anchor tenants include Maurices, Kay Jewelers, Verizon, and other national retailers.  “With the top-quality tenant lineup and minimal competition, Silver Lake Village is the premier center in the region and was highly sought-after by investors,” said Kelley, Associate Director in Stan Johnson Company’s Atlanta, Georgia office.   “We are very pleased to have been part of the Bartlesville community for the last seven years,” a representative from GBT Realty Corporation added. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an 817-unit self-storage facility in the Mountain West region of the U.S. Dana Summers of Stan Johnson Company represented the seller, a Mesa, Arizona-based developer. The property was sold to Public Storage, a publicly traded REIT, for an undisclosed price.    “The execution by both seller and buyer was flawless, coupled with a relatively quick closing,” said Summers, Senior Director in Stan Johnson Company’s Tempe, Arizona office. “The acquisition was a perfect match between buyer and seller, and we were very pleased to broker such a seamless execution between the two parties.”  The property was constructed in 2008 and is situated on 5.62 acres. The facility is located in a growing area, with dense residential population and strong projections for future growth.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a brand new freestanding retail property located at 401 South Main Street in Cleveland, Georgia. The 2,800-square-foot property is fully leased to T-Mobile. The asset sold for $1.8 million to a private investor based in Suwanee, Georgia represented by Doug Clyburn and Julie Clyburn of Stan Johnson Company. The seller was an Alabama-based developer.  “We were happy to represent one of our repeat clients in the purchase of this newly constructed property,” said Doug Clyburn, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office. “The buyer was looking for a solid investment with little or no management responsibilities, and this new T-Mobile location checked all the boxes.”  Located on the city’s main retail corridor, the store neighbors national retailers including Walmart, Taco Bell, McDonald’s, Tractor Supply, AutoZone, and many more. Additionally, the brand new property is located just across the street from the proposed 37,000-square-foot City of Cleveland Municipal Complex which will soon house city hall, fire, police and a community center. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a freestanding retail property located at 5731 Bickett Street in Huntington Park, California. The 56,000-square-foot property is expected to be completed by developer Shane Companies in January 2023 and is fully leased to Target under a long-term triple net lease. Jason Maier of Stan Johnson Company represented the 1031 exchange buyer, a New York-based private investor, who acquired the asset for $48.7 million. Financing was provided by Principal Life.  “We know Target is extremely excited to get this site open, and we are proud to have been part of such a dynamic acquisition,” said Maier, Senior Director in Stan Johnson Company’s New York office. “Target searched long and hard to find a site suitable to serve the community of Huntington Park.”  Shane Companies started construction on the property in June 2022. Situated on 4.1 acres south of Los Angeles, this site will boast a brand new Starbucks, Tesla charging stations and the urban format needed for Target.  “We are excited to announce this acquisition on behalf of our client. This was a very challenging transaction from the beginning, and we are sincerely appreciative of the entire development team at Shane Companies, our lender Principal Life, the mortgage broker, David Horowitz, at Cooper Horowitz, and Jonathan Margolis, the buyer’s attorney, at Morrison Cohen LLP,” added Maier. “I would also like to give a special mention to my colleague Ashley Wilhide and the entire team at Stan Johnson Company. This was the kind of transaction that required extra attention and focus from start to finish. I want to personally thank each and every person involved in this transaction for their unwavering dedication and problem solving ability.” 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant retail store located at 300 Towson Row in Towson, Maryland. The property totals 63,750 square feet and is leased to Whole Foods Market, a multinational supermarket chain and subsidiary of Amazon. Jason Maier of Stan Johnson Company represented the buyer, a private investor based in New York. The 1031 exchange buyer acquired the asset from a Maryland-based investor for approximately $26.8 million.  “We are excited to have completed the acquisition of this brand new retail condo that is triple net leased to Whole Foods,” said Maier, Senior Director in Stan Johnson Company’s New York office. “Greenburg Gibbons, the developer, has single handedly transformed the area around Towson University. This new mixed-use development project has converted the entire downtown area, bringing new student housing, vibrant retail with national tenants, hotels and of course this new trophy Whole Foods, which anchors the entire development and brings enormous traffic to the Towson community.”  The property was built in 2021 and is situated on 4.3 acres in downtown Towson. The grocery store is the anchor tenant for the mixed-use development and is located less than one mile from Towson University and approximately 10 miles north of Baltimore.  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of the Washington Square neighborhood center located at 1002 Lexington Road in Georgetown, Kentucky. The 122,554-square-foot shopping center is anchored by LifePoint Health and was fully leased at the time of sale. Ryan Roedersheimer of Stan Johnson Company represented the seller, a Lexington, Kentucky-based investor. A private buyer based in Austin, Texas acquired the asset for approximately $15.0 million.   “Washington Square was a fun assignment. We were able to bring a repeat seller and buyer to the table and both were thrilled with the outcome. For the seller, we achieved the first part of his goal, and I am actively working on finding his exchange property,” said Roedersheimer, Director in Stan Johnson Company’s Cincinnati, Ohio office. “For the buyer, we successfully added another trophy asset to his portfolio. As is our goal, this was truly a winning outcome for all involved!”   Located just 10 miles north of Lexington, the shopping center features 23 tenants across four buildings. Built in 1972, the property sits on 13.93 acres. The retail center benefits from a signalized intersection, monument signage and the highly trafficked U.S. Route 25.  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 23745 Pebble Run Place in Sterling, Virginia. The 6,000-square-foot industrial property is fully leased to Herc Rentals. The asset was built in 2017 and features an equipment service bay area. Stan Johnson Company’s Zach Harris represented the seller, a private investor based in Hawaii. A New York-based private equity firm acquired the asset for an undisclosed price reflecting a 5.26 percent cap rate. “For this transaction, we ran a targeted private placement process and were able to court a very qualified private equity firm that recently raised a new fund to target well-located industrial outdoor storage (IOS) assets nationwide,” said Harris, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “The purchaser was very attracted to the strong location in the Sterling submarket near Dulles, understood the long-term residual value of this asset and are excited to add a tenant like Herc to their portfolio.” Situated on 3.17 acres, the property is located in a highly populated and affluent area, west of Washington D.C., near Dulles International Airport. The facility features a fully fenced outdoor equipment storage yard, a finished office space, an on-site fueling station and a charging station for electrical equipment. Herc Rentals operates on a double net lease.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a three-building industrial facility fully leased to Priority Bicycles, a New York City-based online retailer. Located at 165-169 Miller Avenue and 79 Thomas Avenue in Montgomery, Pennsylvania, the adjoining buildings total more than 97,000 square feet of warehouse and distribution space. Tom Georges of Stan Johnson Company represented the seller, a New York-based individual investor. The asset was purchased by a 1031 exchange buyer out of California for approximately $2.9 million.  “We were able to generate multiple quality offers within just a few days of bringing the property to market,” said Georges, Director in Stan Johnson Company’s New York office. “This property is a great fit for the buyer, and our client ultimately accepted a full-price offer.”  Located about an hour southwest of Scranton and north of Harrisburg, the mission-critical facility was originally built in 1930 and last renovated in 2020. The site comprises 1.15 acres, and the tenant operates on a newly extended, long-term triple net lease. Priority Bicycles launched in 2014 via a Kickstarter campaign with a goal of raising $30,000 to fund their first shipment. The goal was reached after just a few hours, and the company is now known for being featured in a Microsoft Teams commercial that premiered during the 2021 Super Bowl.