Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant retail center located at 9484 Highway 5 in Douglasville, Georgia. The west Atlanta strip center totaled 6,975 square feet and was fully leased to three tenants: Starbucks, Zales and Five Guys. All tenants operate on long-term net leases. Brian Lane, Emery Shane and Billy Benedict of Stan Johnson Company marketed the property on behalf of the seller, a real estate developer partnership of CONNOLLY, Coro Realty and Wilson Development Group. The asset was acquired by a private investor from New Jersey for approximately $5.9 million.  “This three-tenant center sits on arguably the best corner in an area with more than 4.0 million square feet of surrounding retail,” said Lane, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office. “This is evidenced by each of the tenants signing long-term corporate leases, with two of the tenants relocating from within the market to be in this specific location.”  The property was built in 2021 and is situated on 0.94 acres at the signalized corner of Highway 5 and Douglas Boulevard. Just 20 minutes west of Atlanta, the center is an outparcel to Arbor Square, which is anchored by HomeGoods and Burlington. Other area tenants include Kroger, Home Depot, Lowe’s and At Home.  “We were able to generate multiple offers and achieve our seller’s goals on price as well as timing for when they requested to close,” Lane added. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 40,522-square-foot retail property leased to Caliber Collision. The flagship store, located at 296 Adams Avenue in Memphis, Tennessee, is more than double the tenant’s typical size. Stan Johnson Company’s Ronnie Givargis represented the seller, a Florida-based private investor. The buyer, an individual investor also from California, was represented by Brandon Sherrill of Stan Johnson Company. Both investors were involved in 1031 exchanges, and the property traded for approximately $6.7 million.  “I’m proud of our ability to effectively collaborate across teams and offices here at Stan Johnson Company,” said Givargis, Senior Director in Stan Johnson Company’s Newport Beach, California office. “It’s not every day we get a chance to work on unique assignments, but together, Brandon and I were able to sell one of the largest buildings Caliber Collision has in operation and meet the objectives of both our investor clients.”  The recently upgraded property is situated on 1.24 acres in a dense infill location in downtown Memphis. The facility’s larger size allows work on commercial vehicles, including emergency vehicles and school buses. The property is in close proximity to numerous economic drivers including FedEx Forum, Memphis’ Medical District and the city’s historic Beale Street. The tenant operates on a long-term net lease that features rental increases and option periods.  “It was great being able to work with Ronnie and keep this transaction in house,” added Sherrill, Associate in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “We have seen a lot of demand for Caliber Collision within the last few months given the credit profile and internet resistant services provided by this tenant. The location in downtown Memphis was very interesting to work on, since it isn’t a typical location for Caliber.” 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Kimmell Crossing, a 44,962-square-foot shopping center located at 636-648 Kimmell Road in Vincennes, Indiana. Shadow-anchored by Walmart, the center was fully leased at the time of sale to 10 tenants. Stan Johnson Company’s Ryan Roedersheimer represented the seller, Regency Properties, a developer based in Indiana. A North Carolina-based private buyer, DPPM Management, acquired the asset for approximately $4.6 million. Both parties were involved in 1031 exchanges.  “Once again, we were able to help all sides achieve their goals,” said Roedersheimer, Director in Stan Johnson Company’s Cincinnati, Ohio office. “The seller had a capital call deadline and use for the proceeds, while the purchaser wanted to expand his portfolio with a stabilized asset that provided a little more yield to it.”  The property is situated on 4.24 acres off the exit ramp of U.S. Highway 41 and boasts excellent visibility and access via multiple points of ingress/egress, including a signalized intersection. Tenants include Dollar Tree, Maurices, T-Mobile, CATO and other national retailers.  “Not only did both sides achieve their goals, but the seller is now managing the property for the out-of-state buyer,” Roedersheimer added. “They have developed a great relationship throughout this process. As is true with each project I oversee, it is always the hope that parties come together in a healthy and meaningful way. That’s exactly what we accomplished with this transaction.” 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant strip center located at 160 West Town Square Way in Oak Creek, Wisconsin. The Shoppes at Drexel totals 10,351 square feet and is fully leased to five tenants. Stan Johnson Company’s Ronnie Givargis represented the seller, a New York-based individual investor. The property was acquired for $5.9 million by an investor group out of Cedar Rapids, Iowa. Both parties were involved in 1031 exchanges.  “At 5.94 percent, this was one of the lowest cap rates for a strip center in Wisconsin,” said Givargis, Senior Director in Stan Johnson Company’s Newport Beach, California office. “Through our targeted marketing efforts, we generated multiple offers and ultimately selected a buyer familiar with the local area.”  The strip center was built in 2017 and is situated on 1.45 acres in a southern suburb of Milwaukee. Tenants include Mod Pizza, Men’s Hair House, Five Guys, Crumbl Cookies and Potbelly. The property is an outparcel to Drexel Town Square, the city’s premier mixed-use development comprised of 85 acres of retail, medical, residential and government operations. The site benefits from a dense surrounding population of more than 140,000 residents earning an average annual household income exceeding $83,000 within a five-mile radius. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of The Bakerie, a cannabis dispensary located at 1836 Harbor Avenue in Long Beach, California. The 8,288-square-foot retail property sold for $11.0 million. Christian Tremblay and Isaiah Harf of Stan Johnson Company represented the seller, a Michigan-based private investor. Edwin Mariscal of CRE Advisory Group represented the buyer, a foreign investor who resides part time in California.  “This is the largest recorded retail dispensary sale in the state of California, and we are honored to have assisted our client in getting this property sold,” said Tremblay, Associate Director in Stan Johnson Company’s Chicago, Illinois office. “We have seen an increase in demand for cannabis assets due to their attractive yields in the current net lease environment and their high sales on a per square foot basis. Additionally, with the potential of safe banking and lending options continuing to evolve, we anticipate this demand to continue.”  Situated on 0.74 acres, the property is located at the signalized intersection of Harbor Avenue and Pacific Coast Highway near the on/off ramp of Interstate 710, which provides the site with incredible visibility. The Bakerie is a premium California-based cannabis brand that launched in 2020 by a group of industry veterans, and the tenant operates on a long-term net lease with rare annual rent increases. The property is co-branded with Lemonnade, the sister company of Cookies, which is one of the top cannabis brands in the world. The well-located site is just 22 miles south of downtown Los Angeles, 19 miles from LAX and six miles from the Port of Los Angeles. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a net lease early childhood education facility in the Southwest region of the U.S. The 20,600-square-foot property is fully leased to Guidepost Montessori, the nation’s largest network of Montessori schools. Milo Spector of Stan Johnson Company represented the seller, a Florida-based individual investor. The asset was purchased by a private 1031 exchange buyer from California. The property sold for approximately $10.8 million reflecting a 5.75 percent cap rate. The sale set a new nationwide cap rate record for the tenant.  “This transaction illustrates the growing interest in the early education space,” said Spector, Director in Stan Johnson Company’s Walnut Creek, California office. “We were able to source multiple offers both nationally and locally and sell the property for 100 percent of asking price to an all-cash buyer. Properties that were trading in the 7.0 percent cap rate range just a couple years ago are now trading in the 6.0’s and pushing more and more towards the 5.0 percent range. I expect this to continue as more folks search for yield on other net lease properties and struggle to find it.”  The school is situated on 4.0 acres in an upscale master-planned suburban community. The local area features outstanding demographics with projected annual population growth of 2.90 percent in a three-mile radius. Originally built in 1996, the property was renovated in 2021. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 15,030-square-foot healthcare facility leased to Coastal Kids Dental and Braces. The property is located at 996 Tanner Ford Boulevard in Hanahan, South Carolina, a northern suburb of Charleston. Stan Johnson Company’s Jeff Enck and Teresa Lovely represented the seller, a locally based private investor. The asset was purchased by a group of 1031 exchange investors from California. The property traded for approximately $8.2 million reflecting a 5.84 percent cap rate.  “We were able to procure multiple offers on the property and ultimately closed with a West Coast 1031 exchange buyer who purchased the asset all-cash,” said Enck, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “Medical net lease properties, particularly those with rental increases, continue to be in favor with investors as inflation rises.”  The two-story property was built in 2017 and is situated on 1.52 acres. The flagship location houses the tenant’s dental and orthodontic practice as well as its office support and executive staff. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a core, infill industrial outdoor storage (IOS) facility located at 3945 Fiscal Court in West Palm Beach, Florida. The property is fully leased to United Site Services on a triple net basis. Stan Johnson Company’s Brandon Duff and Mack Wolfgram brokered the transaction between the seller, an individual investor based in Fort Lauderdale, Florida, and the buyer, a private investment and development company, based in Philadelphia, Pennsylvania. The asset traded for approximately $7.1 million reflecting a 4.07 percent cap rate.  Comprising a 14,000-square-foot concrete building situated on a 3.62-acre site, the property was originally built in 1990 and includes an improved industrial yard, fully paved with lighting and perimeter fencing. These are highly sought-after features among both IOS tenants and real estate investors which, along with the property’s A+ location, further contributes to its exceptional residual value and long-term appreciation potential. Additionally, with direct frontage on Interstate 95, the property is positioned in a heavily trafficked industrial corridor that includes other national IOS tenants such as ABC Supply Company, Herc Rentals, SiteOne Landscape Supply, Builders FirstSource, Allied Trailers, and Enterprise Truck Rental, among numerous other national, regional and local companies. West Palm Beach is one of the nation's most in-demand markets, especially for industrial properties and the IOS property niche.  “This was a unique opportunity among current IOS offerings, given the infill West Palm Beach location, frontage on Interstate 95 and below market rent. Future use options are versatile, and residual value is exceptionally strong,” said Wolfgram, Associate in Stan Johnson Company’s Chicago, Illinois office.  “This transaction is part of our team’s ongoing industrial outdoor storage and industrial service facility product specialty focus that we have been executing for several years,” added Duff, Managing Director and Partner. “As both investor and tenant demand for this niche segment continues to grow immensely, we have seen increasing interest and historically low cap rates from all buyer types including institutional, REITs, private equity sponsors, individual private investors and 1031 exchange buyers.” 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Northcrest Village located at 3044 Old Denton Road in Carrollton, Texas. The 136,061-square-foot shopping center is anchored by ALDI and Ace Hardware and was approximately 85 percent leased at the time of sale. Margaret Caldwell, Patrick Kelley and Gill Warner of Stan Johnson Company represented the seller, an Oklahoma-based developer. The 1031 exchange buyer was an individual investor based in Texas. “Northcrest was highly sought after by investors because of its location, strong credit anchors and its potential upside,” said Caldwell, Managing Director and Partner in Stan Johnson Company’s Atlanta, Georgia office.  Located in the northern Dallas suburbs, the shopping center features 31 tenants across three buildings. The attractive tenant mix reflects grocery, restaurant, hard goods, soft goods and service providers including national retailers like Subway, O’Reilly Auto Parts, The UPS Store, Little Caesars and State Farm. At the time of sale, there were four contiguous in-line suites available for lease along with one junior anchor space adjacent to Ace Hardware. “The bidding process was highly competitive with double-digit offers showing the continued demand for grocery-anchored multi-tenant retail properties,” added Kelley, Associate Director. “In addition to its credit anchors and upside, Northcrest Village boasts a coveted market in Dallas-Fort Worth.”  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of four freestanding Dollar General locations across the state of Georgia. Doug Clyburn and Julie Clyburn represented the 1031 exchange buyer in all transactions. The four unique sellers were developers and private investors based in Alabama, California and Georgia. Together, the four properties totaled $8.5 million with an average cap rate of approximately 5.00 percent.  “We were privileged to work with a retired doctor and his foundation to source and purchase four new Dollar General locations,” said Doug Clyburn, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office. “These secure and stable assets will ensure continued funding for his non-profit foundation which provides support through charitable giving to a local Georgia community.”  Combined, the properties totaled nearly 38,000 square feet. All built within the last few years, the properties featured long-term net leases and sizable acreage. The properties are located in the northeast Georgia cities of Bishop, Colbert, Cornelia and Loganville. The Colbert location was a Dollar General Plus, a concept larger than the traditional Dollar General format that features an expanded grocery section with additional perishable items. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 64,000-square-foot healthcare facility located at 2308 Sandridge Drive in Moraine, Ohio. The property is fully leased to CompuNet Clinical Laboratories, a full-service clinical laboratory serving physicians, hospitals and health organizations throughout southwest Ohio. Craig Tomlinson of Stan Johnson Company represented the 1031 exchange buyer, a California-based individual investor. The seller was a private investor based in Dayton, Ohio. The property sold for $5.6 million. “The life science sector has remained a darling of net lease during the pandemic,” said Tomlinson, Senior Director and Partner in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “CCL has been supporting the hospitals and clinics of Ohio for decades. They were a very safe bet.” The facility was built in 1986 and is situated on more than 5.7 acres in a southern suburb of Dayton, Ohio. CompuNet has occupied this location for more than 35 years, utilizing the facility as a regional diagnostics center, as well as an office headquarters. The site features convenient access to Interstate 75 and is in close proximity to Kettering Health’s main campus.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of two Fresh Thyme Market grocery stores in suburban Indianapolis, Indiana. Located at 11481 East 116th Street in Fishers, Indiana and 3400 East 146th Street in Carmel, Indiana, the freestanding properties are approximately 28,600 square feet each. The seller was a Chicago, Illinois-based private equity fund, and the buyer was a private equity fund with headquarters in Mexico City. Together, the assets traded for approximately $18.7 million. Mark Lovering of Stan Johnson Company represented both parties in the transaction. “Due to the extensive reach of our net lease marketing platform, we were able to sell these assets to a repeat international buyer before ever having to market broadly,” said Lovering, Associate Director in Stan Johnson Company’s Chicago, Illinois office. “Investment demand for grocery assets remains at an all-time high, and inflationary pressures are likely to further insulate the underlying values over the investment horizon.” Fresh Thyme Market is a specialty grocer with more than 70 locations across the Midwest. The tenants operate on long-term net leases at both locations, and both stores draw consumers from outstanding demographics and growing populations across the north and northeast suburbs of Indianapolis. “Both locations were encumbered by separate CMBS loans, which added several layers of challenges to get these deals completed,” added Lovering. “A lot of credit goes to the buyer and seller. They were both highly organized and remained steadfast throughout a lengthy negotiation process with the special servicers and CCRs.”