Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the ground lease sale of a single-tenant retail property leased to 7-Eleven. The 4,070-square-foot convenience store is located at 1343 Belcamp Road in Belcamp, Maryland. Stan Johnson Company’s BJ Feller and Mike Philbin exclusively represented the seller, a local developer. The property was acquired by a New York-based 1031 exchange buyer for $5.0 million. “This property represented one of the more unique opportunities of a 7-Eleven relocation property in tandem with a fresh 20-year lease,” said Feller, Managing Director and Partner in Stan Johnson Company’s Chicago, Illinois office. “The property understandably attracted a wide range of interest from both private investors and also institutional investors, owing to the strength of the location off Interstate 95, as well as a multitude of major drivers nearby, including the Aberdeen Proving Grounds.” The newly built gas station and convenience store is situated on a 2.41-acre parcel near the intersection of Riverside Parkway and Interstate 95 and is just 30 miles northeast of Baltimore, Maryland. The tenant relocated from a nearby site and increased their footprint by 67 percent to meet growing demand.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant retail property leased to Dollar Tree. The 14,265-square-foot building is located at 2585 Lineville Road in Howard, Wisconsin. Ronnie Givargis of Stan Johnson Company represented the seller, a New York-based private equity group. The asset was purchased by a private 1031 exchange investor based in Boca Raton, Florida. The property sold for $2.8 million reflecting a 5.10 percent cap rate. “This was a record-breaking cap rate for Dollar Tree in Wisconsin,” said Givargis, Senior Director in Stan Johnson Company’s Newport Beach, California office. “Dollar Tree was in a neighboring shopping center half a mile from this site for many years and outgrew the space. This was a relocation deal to a freestanding building in a proven market.” The property was originally built in 2004 and was renovated in 2021. It is situated on 1.4 acres at a signalized intersection just 15 minutes northwest of downtown Green Bay, Wisconsin. Neighboring tenants include Sherwin-Williams, Auto Zone, Goodwill, Piggly Wiggly and Anytime Fitness, among others.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 60,000-square-foot industrial distribution facility. Located at 13 Chocksett Road in Sterling, Massachusetts, the property is fully leased to Utz Quality Foods. In addition to the Utz brand, the company is also known for Zapp’s, Golden Flake and TGI Fridays Snacks, among other potato chip and snack foods. Stan Johnson Company’s Erik Lundberg represented the seller, an individual investor based in Leominster, Massachusetts. The buyer was NB Partners III LP, a Wakefield, Massachusetts-based institutional investor. The asset traded for $4.2 million. “We were able to achieve full asking price on an off-market basis for this property that features a short-term lease in place with Utz Quality Foods,” said Lundberg, Associate Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. The two-story, Class B industrial property was built in 2006 and is situated on 4.8 acres just minutes from Interstate 190. Sterling, Massachusetts is located just 20 minutes north of Worcester and approximately 40 miles west of the Boston metro area.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 2420 Gulf to Bay Boulevard in Clearwater, Florida. The 8,000-square-foot multi-tenant retail center was 45 percent occupied at the time it was purchased by a local developer for $1.4 million. Jeff Enck of Stan Johnson Company represented the seller, a group of private investors based in Atlanta, Georgia. Currently leased to three tenants, the strip center also features two vacancies totaling 4,400 square feet. “While the property had excellent visibility and traffic, it was limited by use restrictions for redevelopment by the city,” said Enck, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “We received about a dozen offers and were able to close with a buyer who needed to satisfy a 1031 exchange with plans to develop it later down the road.” The property was originally built in 1963 and is situated on 0.94 acres. Current tenants operate on short-term gross leases, offering opportunities for lease-up or redevelopment. The exceptionally located property is just 20 miles west of Tampa, Florida in a densely populated residential and retail corridor. With 60,000 vehicles per day on the site’s main roadway frontage, and convenient access to U.S. Highway 19 North, the area’s main north-south artery, the center benefits from nearby retailers and shopping areas that include anchors such as Home Depot, Sam’s Club, Target, PetSmart, Costco and more.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a shopping center located at 825 Seaway Drive in Fort Pierce, Florida on Hutchinson Island. Harbour Cay is a 10,530-square-foot unanchored shopping center and is fully leased to a diverse mix of restaurant, service and professional tenants. Stan Johnson Company’s Jeff Enck and Mike Philbin represented the seller, a Jupiter, Florida-based developer. An individual investor from Lighthouse Point, Florida purchased the asset for $4.1 million reflecting a 6.08 percent cap rate. “Harbour Cay is a seven-tenant unanchored retail center on the coast of Fort Pierce, Florida,” said Enck, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “Brand new retail properties have been highly sought after this year, and while some of the tenants at the property had yet to open, we were able to find an exchange buyer to close on the property before all the tenants took occupancy.” The newly built property is situated on more than 1.50 acres at the corner of the entrance to Harbour Isle Marina and luxury condominium community. Centrally located between Cocoa Beach and West Palm Beach, Hutchinson Island is a tourist and vacation destination on Florida’s Atlantic coast. The site features direct frontage on Highway A1A in an area with limited retail. All tenants operate on triple net leases which commenced in 2021 at the time construction was completed.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a net lease bank branch located at 5938 FM 2920 in Spring, Texas. Mark Lovering of Stan Johnson Company exclusively represented the Texas-based private seller. The buyer, a Milwaukee, Wisconsin-based investor, was represented by Stan Johnson Company’s Matt Lipson and Mike Philbin. The asset traded at a 6.00 percent cap rate, although the price was not disclosed. “This is a trophy site for Bank of America, which has operated at this location since 2003 and benefited from strong annual deposit growth,” said Lovering, Associate Director in Stan Johnson Company’s Chicago, Illinois office. “Despite several significant delays caused by COVID-19, we successfully navigated the deal across the finish line with the buyer’s 1031 timeline.” The property was built in 2003 and is situated on 1.7 acres in a northern suburb of Houston, Texas. The site features a drive-thru, has outstanding visibility and is strategically located as an outparcel to a Walmart-anchored shopping center. “This was a great acquisition for our buyer who needed to satisfy a 1031 exchange. He loved the location and the credit behind the lease,” added Lipson, Associate Director in Stan Johnson Company’s Portland, Oregon office.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale leaseback of a Pilot Travel Center located at 901 Bankhead Highway West in Birmingham, Alabama. The 9,790-square-foot convenience store sold for approximately $9.4 million reflecting a 7.0 percent cap rate. Matt Lipson and Mike Philbin of Stan Johnson Company represented the buyer, Brodersen Management Corporation based in Milwaukee, Wisconsin. The seller was Acworth, Georgia-based Mountain Express Oil Company. “This was a great deal for the buyer and tenant,” said Lipson, Associate Director in Stan Johnson Company’s Portland, Oregon office. “The tenant was purchasing a location from Pilot and rather than use traditional business financing, they found a real estate buyer to help fund the acquisition. Since you have to merge an asset purchase agreement with the purchase and sale agreement to ensure a simultaneous close, structuring a sale leaseback to fund an M&A is slightly more challenging than a typical net lease transaction. However, both parties maintained healthy communication and were experienced enough to get this across the finish line.” The property was originally built in 1995 and includes a Wendy’s quick service restaurant on-site. The 7.4-acre parcel is strategically located just north of Interstate 20 at a signalized intersection. “I like these types of transactions because the buyer is able to purchase an attractive net lease asset at a higher yield than a traditional deal, and the tenant is able to get into the property free of loan contingencies and with limited acquisition costs,” Lipson added. “Our client is also thrilled that their new tenant will have plenty of working capital that would normally be reserved for the cost of an acquisition.”  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of two freestanding Arby’s quick service restaurants for a 1031 exchange client. Brian Lane and Emery Shane of Stan Johnson Company represented the Oregon-based seller, The Garfinkel Trust, in the disposition of one location at 1019 Nashville Pike in Gallatin, Tennessee. They then acquired a second restaurant located at 470 Cummings Street in Abingdon, Virginia in a 1031 exchange. The buyer of the Tennessee property was an individual investor based in Lebanon, Tennessee. The seller of the Virginia location was a Bristol, Tennessee-based franchisee. “We were able to help a long-time client complete a 1031 exchange that will secure their continued retirement for the next 20 years,” said Shane, Senior Director in Stan Johnson Company’s Alpharetta, Georgia office. “We were able to negotiate a closing extension on the Tennessee property and successfully close on the Virginia property just days later, ensuring we minimized the investor’s loss of income,” added Lane, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office. “They traded out of the Gallatin property that only had just over five years remaining on the lease and acquired the Abingdon location that featured a brand new 20-year lease.” The Tennessee asset sold for $3.2 million reflecting a 6.67 percent cap rate with five years remaining on the lease. The Virginia property was purchased for approximately $3.1 million at a 5.35 percent cap rate for a new 20-year lease.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant retail property located at 10225 South Highway 6 in Sugar Land, Texas. The 14,380-square-foot property is fully leased to Pep Boys Auto. Stan Johnson Company’s Mark Lovering exclusively represented the seller, an individual investor from The Woodlands, Texas. The asset was purchased by a private equity fund based in Irving, Texas as a part of their 1031 exchange. The property sold for approximately $4.9 million reflecting a 6.60 percent cap rate. “Pep Boys discontinued its retail lines at all locations, including this site, in first quarter 2021, as the company plans to shift out of retail to concentrate on repairs and tire sales – things that can’t be sold easily by online competitors,” said Lovering, Associate Director in Stan Johnson Company’s Chicago, Illinois office. “This corporate strategy is one we expect to see other automotive service tenants with a larger retail line implement. Although Pep Boys no longer uses about 30 percent of the building, we were able to secure an aggressive cap rate for our client, and the outcome was successful for both sides.” The property was built in 2013 on 1.5 acres with superb visibility on Highway 6 which sees nearly 50,000 vehicles per day. Area tenants include Home Depot, CVS Pharmacy, ALDI and Whataburger, among many others. The property is located just 17 miles southwest of downtown Houston.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 3440 Evergreen Avenue in Jacksonville, Florida. The 115,500-square-foot industrial property is fully leased to KME America Marine Tube & Fitting. The asset consists of two buildings which were originally constructed in 1945 but have seen substantial renovations and additions in recent years. Stan Johnson Company’s Jimmy Ullrich and Michael J. Macchia represented the seller, a local private investor. An individual investor based in Los Angeles, California, Mr. Sunday Xu, acquired the asset for approximately $5.3 million reflecting a 7.72 percent cap rate. “This sale was more than a sale – it was the culmination of a multi-generational family ownership of the property, first as the owner-user, and later as the owner-investor,” said Ullrich, Director in Stan Johnson Company’s New York office. “In an interesting turn of events, the winning bidder was a California investor who is an owner-user turned national real estate investor, so Mr. Xu was able to understand and work through some of the nuances of a 70-year-old family-owned property.” Situated on nearly 5.0 acres, the property is located in a dynamic industrial submarket of Jacksonville that boasts an extremely low vacancy rate of only 2.6 percent. The site serves as one of eight global manufacturing and distribution facilities for the tenant which fabricates copper alloy pipes for the shipping and offshore industries. The company contracts with the U.S. Navy to provide supplies and parts for nuclear submarines and aircraft carriers. KME operates on a long-term triple net lease. “Selling KME was a pleasure,” Ullrich added. “The property offered a great combination of lease term, market and property type. Therefore, we experienced a feeding frenzy of buyer activity. We received more than a dozen bids and six of them were at full asking price.”

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 5,000-square-foot industrial facility located at 905 Ellis Road in Durham, North Carolina. The property is fully leased to WillScot, a leading provider of temporary space and storage including mobile offices, portable storage units and portable classrooms. The 1031 exchange seller, a developer based in Raleigh, North Carolina, sold the property for approximately $2.8 million reflecting a 7.06 percent cap rate. Michael J. Macchia and Jimmy Ullrich of Stan Johnson Company represented the buyer, a Brooklyn, New York-based private investor. “The buyer was attracted to the rapidly growing demand for industrial outdoor storage, which has commanded premium pricing given it’s in short supply,” said Macchia, Associate Director in Stan Johnson Company’s New York office. “The Raleigh-Durham region has expedited this growth as many have migrated to the area for excellent jobs, universities and affordability, especially post-COVID.” The property was constructed in 2003 on 11.9 acres. The site, located in southeast Durham, provides convenient access to both Raleigh and Greensboro, North Carolina along Interstates 40 and 85. WillScot, headquartered in Phoenix, Arizona, has more than 275 locations across the U.S., Canada, Mexico and United Kingdom. They serve businesses in the construction, education, healthcare, government, retail and commercial sectors, among others.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a Walgreens net lease investment property located at 4210 North Roan Street in Johnson City, Tennessee. The 14,744-square-foot property was built in 2008 and features a drive-thru. Jimmy Ullrich and Michael J. Macchia of Stan Johnson Company represented the 1031 exchange buyer from Coral Gables, Florida. The seller was a private investor based in Bristol, Tennessee. The property traded for nearly $6.0 million reflecting a 5.72 percent cap rate.  “Johnson City is one of the once overlooked towns that is now booming post-pandemic,” said Ullrich, Director in Stan Johnson Company’s New York office. “Johnson City offers a low cost of living and doing business, a central location, access to mountains and amenities, and an active downtown. The buyer was excited to get this strong Walgreens cap rate in a growing, dynamic market.” Situated at the intersection of North Roan Street and Carroll Creek Road, the site offers excellent access from both of the area’s main thoroughfares. The tenant operates on a long-term triple net lease with a corporate guarantee. Neighboring tenants include CVS Pharmacy, Dollar General, Ingles and Food City.