Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 170,000-square-foot, two-building industrial facility located at 5501 Fulton Industrial Boulevard in Atlanta, Georgia. Stan Johnson Company’s Robert Poirier represented the seller and tenant, Diaz Wholesale & Manufacturing, which executed a long-term triple net lease at the time of sale. The buyer, a New York-based institutional investor, acquired the asset for $16.0 million.  “The tenant was extremely interested in taking advantage of current market conditions,” said Poirier, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “Because of timing constraints, we conducted an off-market campaign, created a very competitive environment, and received offers from 8 of the 10 potential investors. The entire process took less than 60 days, and we were able to set a new record for price per square foot in Atlanta’s Fulton Industrial submarket on comparable buildings.” Founded in Atlanta in 1980, Diaz Foods is a leading distributor of specialty foods across 28 states, and this property serves as a mission-critical distribution facility. The two-building property is situated on 12.4 rail-served acres in one of the main industrial corridors of metro Atlanta with close proximity to Interstates 20, 75, 85 and 285. The cold storage and distribution site features freezer-cooler, refrigerated and dry storage, along with office space and a dedicated truck maintenance building. The facility was originally built in 1980 and was renovated in 2004.

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.”  

Excerpt of article originally published by GlobeSt Sale leaseback deal volume increased in Q2 this year by 93% versus the same period one year ago. On a sequential basis, deal volume was up 17%, according to an analysis by SLB Capital Advisors. According to its managing partner, Scott Merkle, declining cap rates, anticipated tax changes and heightened M&A activity, drove the higher deal volume. Merkle added, “We anticipate the momentum seen in the first half will continue during the second half of 2021.” Investors Open to 5- to 7-Year Terms Robert Poirier, Associate Director, Stan Johnson Company, agrees. He said investor demand for sale leasebacks has improved significantly over 2020 and should continue to do so throughout 2021 as well as into Q1 2022. “Values have surpassed pre-pandemic levels, and in some cases, we’re seeing cap rates more than 100 basis points lower than just 12 months ago,” Poirier tells GlobeSt. “We are also seeing investors become more open to shorter term leaseback periods.” Poirier said that a year to 18 months ago, the average lease term for an industrial sale leaseback, for example, was 12 years. “Today, we’re seeing more investors open to 5- and 7-year terms,” he said. “I’m working on an assignment now that we took to market last year at a 7.20% cap rate. We ended up pulling it off the market temporarily and just brought it back out. We’re receiving offers with cap rates of around 5.75, which is almost a 150-basis point improvement. This example is true testament to current market conditions that, again, I expect will last into early next year.” Industrial Segment Represents 53% of Overall Transactions From a transaction standpoint, SLB Capital Advisors reported that sale leaseback activity increased 17% to 185 transactions in Q2 2021 vs. the previous quarter, reaching $3.6 billion, the second largest transaction count and dollar volume since Q4 2019. “While we witnessed a return to optimism in the retail segment, Q1 and Q2 this year exhibited continued strength in the industrial segment, representing 53% of overall transactions – industrial sale leasebacks continue to demand attractive pricing even in non-core markets,” according to the report. Larger notable deals in Q2 include Benderson Development’s acquisition of the Kroger Co.’s retail properties for $487mm and Gaming & Leisure Properties acquisition of two entertainment locations from Bally’s Corporation for $484mm. Given heightened M&A activity leading into the second half of 2021, SLB Capital Advisors expects sale leaseback activity to follow suit.  

Originally published by GlobeSt Blue Owl Capital has entered into a definitive merger agreement to acquire Oak Street Real Estate Capital and its investment advisory business for $950 million. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions. Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $10.8 billion of assets under management as of June 30, 2021. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Market Ripe for Sale Leaseback Transactions “Right now, the market is ripe for sale leaseback transactions, and there are a couple factors pushing the popularity of this category,” Katie Elliott, Stan Johnson Company Associate Director, tells GlobeSt. “What we saw during the pandemic was a flight to safety, with investors seeking security with long-term leases and credit-worthy tenants occupying essential, mission critical assets. Many sale leasebacks fit this category, in particular industrial assets because you can’t manufacture from home, therefore increasing the ‘stickiness’ of a tenant to a location. Elliott said another trend she is seeing in the sale leaseback market is private equity sponsors utilizing real estate as a differentiator in their bids to acquire companies. In 2021, U.S. private equity dealmaking exceeded previous annual records and with the competitive environment, many sponsors are thinking outside the box. “With today’s low cap rates, there is an underlying value arbitrage between the business EBITDA multiple and effective real estate multiple, potentially resulting in millions of dollars of value creation,” Elliott said. “We are still in a low interest-rate environment, and though we are seeing the 10-year treasury begin to creep up, we still expect cap rates will remain stable throughout 2022 due to the dislocation of supply and demand and money pouring into the net lease category.” Oak Street Leadership Team Will Remain in Place Oak Street’s active net lease funds primarily focus on single tenant properties, net leased to investment grade and creditworthy tenants, under long duration leases. The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities. Upon closing of the transaction, key members of the Oak Street leadership team will remain in place, and Oak Street’s Chicago office will become an additional office for Blue Owl. In addition, Marc Zahr will join Blue Owl’s Board of Directors and Executive Committee.  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of the former Mount Vernon Mills manufacturing and distribution facility located at 2850 Gainesville Highway in Alto, Georgia. Two buildings totaling approximately 641,000 square feet, along with 106 acres, were included in the sale. Stan Johnson Company’s Robert Poirier represented Mount Vernon Mills in the short-term sale leaseback. The property was acquired for $7.5 million by Phoenix Investors LLC, a developer based in Milwaukee, Wisconsin. “This was an excellent opportunity for Mount Vernon Mills to divest of a facility that was no longer needed for their current operations,” said Poirier, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “The sale leaseback was structured to give Mount Vernon Mills enough time to disassemble and remove the equipment and machinery located across the two buildings, while providing the new owner the ability to make necessary improvements as they look to lease the buildings.” The well-maintained property includes security fencing around the perimeter with gated access and is located 70 miles northeast of downtown Atlanta, featuring convenient access to Interstates 85 and 985. “We received numerous offers and continued to have interest in the buildings up until the closing date,” added Poirier.

Originally published by Dealreporter   Department store operator Kohl’s [NYSE:KSS] is a logical take private candidate as the US economy reopens and value-conscious consumers return to physical retail stores, several industry sources said. While shoppers flocked to one-stop shop retailers like Target [NYSE:TGT] during the pandemic, there will likely be rebalancing as the vaccine rollout continues in the US, some of the industry sources said. Both retailers carry a variety of apparel and home products, but Target also sells food and beverages, which saw substantial growth during the pandemic. COVID-19 conditions highlighted the continuing challenge of e-commerce competition, but Kohl’s still serves a loyal and value-conscious customer base, a sector investor added. Kohl’s shares have been down since a high of close to USD 82 in 2018, dropping to as low as USD 11.51 in early April 2020 at the onset of the pandemic. Over the past five years, Kohl’s stock has underperformed discount retailer peers like Ross Stores [NASDAQ:ROST] and TJX Companies [NYSE:TJX]. Last October, the Wisconsin-based retailer had announced a long-term strategic plan to drive topline growth and focus on capital management centered around active and casual wear as well as beauty. Shares moved up on the news, and continued climbing in November amid a broader rally for the retail sector on vaccination rollout progress, up over 210% to date. Shares ended the day at USD 60.25. Yet, the company was caught in the crosshairs of an activist group. Macellum Advisors, Ancora Holdings, Legion Partners Asset Management and 4010 Capital, collectively hold a 9.3% stake in Kohl’s including options. On 22 February, the activist group issued an open letter criticizing the company's existing strategy, noting eroding margins and stagnant sales. Following engagement, the retailer settled with the activists in April, adding three board members and expanding its share buyback program. Kohl’s shares have been up about 14% since the campaign became public in February. As part of its pitch to unlock value, the activists pushed Kohl’s to implement a suite of operational changes and explore a sale leaseback transaction, estimating that non-core assets could be worth as much as USD 8bn. Potential suitors of the over USD 14bn enterprise value company could look to finance a buyout using the retailer’s real estate assets, some sources said. Kohl’s operates over 1,000 stores and owns over 400 of them. Financial sponsors embracing retail There have been signs of buyer interest in retail with loosening of social distancing policies in sight in the US. This month, Hellman & Friedman announced it was proposing to acquire home goods retailer At Home Group [NYSE:HOME] for USD 2.8bn enterprise value deal, valuing the company at around 8x adjusted EBITDA multiple. In March, Apollo Global Management announced plans to acquire The Michaels Companies, a specialty provider of arts, crafts and seasonal merchandise, in USD 5bn enterprise value deal that valued the company at about 6x adjusted EBITDA. Both retailers reported growth during the pandemic period. Meanwhile, L Brands [NYSE:LB] in April announced that it would spin off its Victoria’s Secret business after reportedly re-engaging with suitors earlier this year, angling for a much higher valuation than an agreement struck last year to sell a majority stake to Sycamore for USD 525m. The Sycamore deal was later terminated. Victoria's Secret saw sales decline close to 28% during the pandemic, bringing in USD 5.4bn last year. Sales for 1Q21 came in at around USD 1.6bn, up over 70% from the same period in 2020, but still 7% below 2019 first quarter sales figures. Net sales for Kohl’s declined 20% in 2020 to around USD 15bn. However, sales are expected to rebound as the economy strengthens and stores like Kohl’s see an increase in consumer foot traffic, one of the sector advisors said. Financial sponsor Sycamore Partners could be among logical suitors of Kohl’s given its experience in the retail sector. The sponsor could see substantial synergies in combining Kohl’s operations with other retail assets in its portfolio like Belk, which it acquired for USD 3bn in 2015, some of the sources said. The North Carolina-based retailer emerged from chapter 11 bankruptcy earlier this year. Two sector advisors said a combination of Belk and Kohl’s could help in extracting sourcing synergies as well as cost synergies through closing of geographically overlapping stores. They said monetization of the real estate assets could help potential suitors cough up the hefty equity check for Kohl’s, which is likely to be at least north of USD 5-6bn. They noted a take-private of a retailer like Kohl’s could support 4-4.5x EBITDA leverage at best. The company trades at 8x estimated forward EBITDA. One of the advisors said Kohl’s generates a meaningful amount of cash and by monetizing its stores, a strong case can be made for a leveraged buyout as financial sponsors look to put more capital to work. He and another advisor, however, cautioned that a lot will depend on how levered Kohl’s balance sheet would be as it transitions to leasing fully its stores. Kohl’s has a BBB- rating with a stable outlook based on better than expected operating results, according S&P Global Ratings, which expects Kohl’s to achieve leverage in the low 2x area this year. As of 4Q20, the company has USD 6.7bn in total debt with a 7.59x adjusted debt to adjusted EBIDTAR ratio, according to company filings. While some retailers like Target own many of its stores, discount competitors such as TJX have focused more on a leasing-heavy strategy, the sector investor noted. In addition to supporting a sale, sale leasebacks can also help retailers fund future expansion projects, said Stan Johnson Company associate director Jeff Tracy. Kohl’s has suggested that a sale leaseback proposed by activists could hurt its investment-grade credit rating. The impact on the company’s credit rating would depend on how it chooses to allocate proceeds from any deal, said S&P analyst Helena Song. Last year, the retailer sold two warehouse facilities for USD 195m. As the future of offices and physical storefronts remain in flux, investors have “flocked” to more stable industrial real estate assets that could bene t from e-commerce tailwinds, Tracy said. Still, one former Kohl’s investor noted that the activist investor group’s sale leaseback and buyback push is unlikely to excite public market investors over the long-term. Investors are looking for the company to demonstrate substantial growth potential, the former investor said. Kohl’s financial performance has been relatively flat over the years, generating USD 18.9bn in net sales in 2019 compared to USD 18.6bn in 2016. Meanwhile, adjusted operating margins declined from 7% in 2016 to 6.1% in 2019. Still, Morningstar analyst David Swartz and the former Kohl’s investor agreed that it’s questionable whether the activists have a better plan than incumbent management to bolster results. CEO Michelle Gass has worked to bring more customers in stores with initiatives like its partnership with makeup retailer Sephora and its Amazon returns program, but it remains unclear how many of those customers will ultimately make purchases at Kohl’s going forward, the former investor said. The company reports earnings tomorrow. Kohl's did not respond to requests for comment.  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale leaseback of a 50,000-square-foot manufacturing facility located at 705 South Girls School Road in Indianapolis, Indiana. Stan Johnson Company’s Katie Elliott co-marketed the property with Chip Sipple and the Lincoln Property Company on behalf of the seller, Applied Composites Inc. The asset was purchased by an investor group located in New York. “Investors are bullish on industrial facilities with quality tenants and a compelling backstory,” said Elliott, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “We were able to secure multiple offers and closed the transaction within a 60-day timeframe.” Applied Composites Inc. is a leading manufacturer of composites with four decades of expertise in the commercial aerospace, defense and space industry. This facility serves as a mission-critical manufacturing and distribution site, and the seller executed a long-term triple net lease at closing.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed a sale leaseback transaction for a two-story, Class A industrial property located at 2250 Agate Court in Simi Valley, California. At closing, the seller executed a long-term lease to continue occupying the 30,812-square-foot manufacturing facility. Stan Johnson Company’s David Wirgler represented the buyer, an individual investor from Southern California. “We were able to successfully negotiate a 10-year sale leaseback structure that allowed the seller to maximize value in today’s highly competitive market while providing the buyer a highly stabilized, long-term investment,” said Wirgler, Associate Director in Stan Johnson Company’s Newport Beach, California office. “The real estate fundamentals of the deal were excellent, and it was critical to ensure both parties were able to achieve their goals in a market that often places industrial buyers at a disadvantage to their seller counterparts.” The property is home to Milodon Inc., a recognized leader in the design and manufacturing of top-quality racing and marine equipment. The asset was built in 1985 and sits on 1.47 acres in a master planned business park in a dense northwest suburb of Los Angeles, California.

Many companies, at one point or another, choose to purchase a building in which to operate their business, but owning a property doesn’t always provide the flexibility necessary for a growing company. Similarly, companies impacted by mergers or acquisitions, as well as those forced to scale down their businesses in response to changing environments, don’t always know what to do with unused space. What are my options? If a company owns their real estate, it’s easy to think in terms of absolutes if the space no longer fits their needs due to growth or consolidation. One common option that many businesses consider is the “landlord” option. The company can continue to occupy a portion of the property and lease out their unused space. While this solution may seem straightforward and desirable, most companies underestimate the time, money and resources needed to be an effective landlord. A second common option is the “dark” option. In this scenario, a company will choose to relocate to a space that better fits their needs and will sell their now-vacant property to a third-party investor. Again, it may seem logical to move out of a space that has been outgrown or is being underutilized, but it’s a significant business disrupter to relocate. Additionally, because the property won’t cash flow for the new owner immediately, selling a building vacant typically results in the lowest sale value. A third option that real estate owner-occupants should consider more frequently is the “partial sale leaseback” option. What is a partial sale leaseback? A sale leaseback, in its most simplistic form, describes a transaction where the owner-occupant of a property sells the building to a real estate investor and executes a long-term lease at the time of closing, thereby becoming a rent-paying tenant without the hassle of having to physically relocate. A partial sale leaseback describes the same transaction but instead of the owner-occupant continuing to occupy the entire building, they execute a long-term lease for only a portion of the space. This allows the company to right-size their operations, while allowing the new owner to collect rent on day one and lease the remaining space to additional tenants. The company avoids significant business disruption that would be caused by relocation or by becoming a landlord themselves while maximizing profits from the sale of their building. To illustrate how a partial sale leaseback can be beneficial to companies in a variety of situations, let’s explore a few scenarios common in today’s environment. Case Study ABC Legal Corporation has outgrown their current office space and looks to expand ABC Legal Corporation owns a 20,000-square-foot, two-story office building in the Midtown submarket of Atlanta, Georgia, and they’ve run out of space to hire new lawyers and administrative staff. Additionally, as they’ve grown, their clientele has shifted noticeably to the suburbs, and the firm looks to open a second location outside the city. In order to fund a suburban expansion and hire additional staff, the company decides to execute a partial sale leaseback, selling their Midtown property to a third-party investor for top dollar and executing a long-term lease for 10,000 square feet on the first floor. This allows the law firm to fund and open a second location with no disruption to its existing business, while the new owner is able to collect rent immediately and lease out the second-floor space to another tenant. Case Study The Product Company was acquired by The Widget Company and now has redundant manufacturing space When The Widget Company acquired its competitor, The Product Company, the newly combined firm decided to pursue a partial sale leaseback for The Product Company’s building. It was a 100,000-square-foot industrial facility in Chicago, Illinois with 30,000 square feet of office/flex space and 70,000 square feet of traditional manufacturing space. After consolidating all manufacturing efforts at The Widget Company’s headquarters location, the newly combined company sold The Product Company’s building to a real estate investor and signed a long-term lease for 15,000 square feet of office/flex space to house their accounting department. The partial sale leaseback provided funds to help offset the acquisition costs incurred by The Widget Company and allowed them to consolidate, reorganize and streamline their operations with minimal business disruption. Additionally, the new investor was able to acquire an attractive asset that could be leased to new tenants with minimal build-out costs. Case Study Carpet Industries has scaled back operations, reduced their workforce and will no longer handle their own distribution, leading to an excess of both office and distribution space Carpet Industries, a retail supplier for the local Louisville, Kentucky market, owns and occupies an 80,000-square-foot flex building. Currently, half the building is built out as office/showroom space, with the remaining square footage used for storage and distribution, but the business has scaled back in recent years due to decreased demand. They have reduced their back-end office staff as well as their showroom sales team, and they began outsourcing client deliveries. No longer in need of dedicated distribution space or nearly as much office space, the company decides to execute a partial sale leaseback. An investor purchases the building, providing Carpet Industries with an influx of cash to sustain the business, and the company signs a long-term lease for 30,000 square feet. The new owner agrees to fund remodeling expenses to reduce the size of Carpet Industries’ showroom and office space, and the investor is left with 50,000 square feet of industrial space to lease to another tenant. While the logistical considerations are similar for owner-occupants considering a partial sale leaseback, the financial benefits can vary widely as each business is unique. As illustrated above, motivation can also differ greatly company to company, but a partial sale leaseback is a great one-size-fits-all solution for companies in all stages of growth, consolidation or reorganization. How could a partial sale leaseback help your business?  

A guide to sale leaseback transactions There are many ways for companies to raise capital: recruiting investors, reinvesting profits, borrowing funds, and selling stock are among some of the most common methods. Each of these methods has its own advantages and disadvantages, and many times, these traditional methods of raising capital come with downsides that can restrict companies from achieving their financial goals. In these cases, companies may begin looking for more creative ways to fund their initiatives. One capital-raising tool that has become more common in recent years is the sale leaseback. “What is a sale leaseback?” you might ask. In real estate, a sale leaseback is where a company sells all, or a portion of, the real estate that it owns and occupies, while it simultaneously signs a long-term lease to continue to occupy and use the property from the subsequent buyer. It is also common to see sale leasebacks with owned property other than real estate, such as commercial aircraft, cargo barges, solar plants as well as large scale machines and equipment. Sale leaseback transactions allow the owner/user of a property to extract their equity from an asset while still maintaining their ability to use it. For the seller, a sale leaseback transaction gives them access to the capital they need without incurring debt or impacting their balance sheet. For the buyer, the purchase of a sale leaseback provides a stable, long-term investment with an occupant already in place. Additionally, in some cases, the owner and the future buyer can negotiate the lease to help satisfy their goals. How do sale leaseback transactions work? There are typically two agreements involved in a sale leaseback transaction: one that states that the current owner/user will sell the property to an investor at a fixed price that both parties agree upon, with the second stating that the new owner agrees to lease the property to the previous owner with lease terms that both parties agree upon immediately following the sale. While the conditions of each sale leaseback vary, these two agreements form the basis of every sale leaseback transaction. Structuring the transaction this way provides advantages to both the buyer and the seller. By completing a sale leaseback, the original owner/user of the property ensures that they can continue to use it after the sale with little to no interruption. The buyer also benefits by receiving an immediately cash-flowing asset with no immediate risk of vacancy.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, announced today that Mike Philbin has rejoined the company as a Director in its Los Angeles, California office. With over 18 years of industry experience, Philbin specializes in the acquisition, disposition, and sale leaseback of net lease assets for clients across the U.S., and he has sold more than $1.0 billion of investment properties nationwide. “Our clients deserve the absolute best exposure for their listings, and Stan Johnson Company’s marketing reach and buyer engagement is unmatched by other brokerages, especially in the net lease industry,” said Philbin. “There’s value in having a specialization and true expertise in certain product types – it’s what many investors are looking for and what ultimately results in the best execution. As a net lease-focused broker, Stan Johnson Company’s constant innovation, leading research efforts and unmatched investor exposure allows me to produce exceptional results for my clients.” Philbin returns to Stan Johnson Company after nearly four years as Vice President at CBRE. He has also held positions at Marcus & Millichap and R&R Capital, among others. Philbin studied Finance at San Diego State University and grew up locally in Orange County, California playing both football and baseball in high school. Philbin remains active in sports and works with various charities and non-profits across the country. “We are thrilled to see Mike come back to Stan Johnson Company,” said Harold Briggs, Managing Partner of Stan Johnson Company’s West sales region. “Mike was a strong producer for us for many years and was a great part of our overall company culture. We’re excited to see Mike take his business to the next level as we continue expanding in our West region.”  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an eight-building industrial portfolio across four states. Located in the Southeast and Texas, the portfolio totals more than 200,000 square feet on 70.5 acres. Stan Johnson Company’s Brad Pepin and Jeff Tracy represented the seller who executed long-term, absolute triple net leases at closing. Also representing the seller with legal and other advisory services were Tom Gates and David Maynard of Mirador Real Estate Advisors. The buyer was a New York-based institutional investor. They acquired the sale leaseback portfolio for $28.0 million, although the cap rate was not disclosed. “This sale leaseback transaction brought together a very successful and leading national heavy equipment owner/operator and a proven institutional real estate buyer that will be a great landlord and owner for many years to come,” said Pepin, Senior Director and Partner in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “Stan Johnson Company is very proud of the sale leaseback results achieved during this difficult pandemic environment. We’re excited to have met the expectations of our valued seller and client in this transaction.” The portfolio encompasses eight distribution buildings and service facilities, including one newly built property that features a combination of industrial and office space and serves as the tenant’s headquarters.