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 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.  

Originally published by Commercial Property Executive Stan Johnson Co. has negotiated the $48.7 million sale of 5731 Bickett St., a 56,000-square-foot retail project located in Huntington Park, Calif.  The property’s former owner is Gryphon Capital, according to CommercialEdge data.  Jason Maier of Stan Johnson represented the 1031 Exchange buyer, a New York-based private investor. Funds for the acquisition were provided by Principal Life.  Developer Shane Cos. is expected to complete the property in January 2023. Construction on the space began in June 2022  Upon completion, Target will fully occupy the space as part of a long-term triple net lease. The store itself will host a Starbucks café, in addition Tesla charging stations. The property will be situated within 5 miles of downtown Los Angeles and the Long Beach Freeway, offering convenient access for consumers citywide.  The sale of the future Target location takes place as the nation’s retail property sector experiences an unprecedented series of transformations that have resulted in an oversupply of space, brought on in no small part by the onset of the COVID-19 pandemic and the rise of e-commerce.  To make the most profitable and effective use of their spaces, developers have taken to leasing their spaces following their announcement, making them move-in ready as soon as construction is completed, as well as placing them in the context of their surroundings and the communities they serve. 1031 Exchanges are also on the rise, as investors seek less management and revenue-intensive properties, opting for single tenant net leases, according to a second quarter 2022 report from Marcus & Millichap.  LA's uneven recovery Still, Los Angeles County unevenly recovers, seeing both gains in its employment and retail construction pipeline and losses in its absorption rates, according to recent data from NAI Capital. The market’s net absorption rate turned negative as of the first quarter of 2022. The city only had 955,000 square feet of space in its construction pipeline as of the second quarter, while vacancy fell by 10 basis points, Marcus & Millichap data shows. 

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 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 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. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial building leased to Collins Aerospace, a leader in technologically advanced and intelligent solutions for the global aerospace and defense industry. The 90,499-square-foot manufacturing building is located at 2599 Empire Drive in Winston-Salem, North Carolina. Jonathan Ameen of Stan Johnson Company represented the buyer, a New York-based individual investor who acquired the asset for $11.4 million. Maggie Holmes of Stan Johnson Company represented the seller, a REIT based in Dallas, Texas.  “This represents a generational asset for my client and an attractive disposition for the seller in the midst of interest rate headwinds,” said Ameen, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “Yet another reminder that the market for critical industrial assets is still very strong.”  The well-maintained facility sits on 5.5 acres and features concrete tilt-up construction, 13 loading docks and high ceilings ranging from 28 to 34 feet. Collins Aerospace has operated the facility for fourteen years and has invested nearly $2.0 million for upgrades and renovations to its assembly and distribution lines. The lease is fully guaranteed by the tenant’s parent company, Raytheon Technologies, a top three global defense contractor with 2021 annual revenues of $64.6 billion. 

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial facility leased to FedEx Ground. The 217,323-square-foot property serves as a distribution center for the multinational company. Erik Lundberg of Stan Johnson Company represented the 1031 exchange buyer, an investor group based in New Jersey. The seller was a Texas-based developer. The asset sold for approximately $37.0 million.  “Despite a challenging interest rate market, we were able to bring a motivated buyer who performed at the top of market pricing,” said Lundberg, Associate Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters.   The facility is newly built and replaced a smaller FedEx Ground warehouse. The 33-acre site is easily accessible to major highways, distribution centers and the community workforce. With a demand surge for FedEx services, this facility helps meet the need for the Midwest region.  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the ground lease sale of a two-property portfolio in Durham, North Carolina. Located at 1510 and 1700 North Pointe Drive, the single-tenant retail properties are leased to Costco and Home Depot and total 148,660 square feet and 120,000 square feet, respectively. Jason Maier of Stan Johnson Company represented the buyer, a New York-based private investor, in the 1031 exchange. A developer based in Virginia sold the property for approximately $24.0 million.  “We felt this was an excellent long term hold for our client that will provide stability of income given the reliability of Home Depot and Costco in addition to long term appreciation,” said Maier, Director in Stan Johnson Company’s New York office. “Our client now controls 38 acres just 1.8 miles from Duke University’s main campus.”  Located in the North Durham submarket, the properties are two anchor tenants in the North Pointe Shopping Center. The power center serves a customer base of approximately 94,000 residents in a three-mile radius. Strategically located in a dense retail corridor with freeway visibility, neighboring tenants include Harris Teeter, PetSmart, Ross Dress for Less and many more national retailers.  

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Beal Commons, a multi-tenant shopping center located at 575 Beal Parkway Northwest in Fort Walton Beach, Florida. Beal Commons totals 15,982 square feet and is leased to strong national retailers. Stan Johnson Company’s Chase Dominguez represented the seller, a Fort Walton Beach, Florida-based developer. The property was acquired for $8.4 million by an individual investor out of Arizona. Both parties were involved in 1031 exchanges.  “Situated within a growing Florida market, strong credit and a diversified tenant mix made this center a highly appealing opportunity,” said Dominguez, Associate in Stan Johnson Company’s Atlanta, Georgia office. “Timely tenant renewals coupled with the fierce appetite of investors for multi-tenant retail this year has provided us with an ideal scenario to get this deal sold.”  The shopping center was built in 2006 and renovated in 2019. Tenants include Starbucks, FedEx Office, Verizon and Ruby Tuesday. Situated on 3.04 acres, Beal Commons has the best commercial corner in Fort Walton with great visibility and access at the intersection of Beal Parkway and Mary Esther Cut Off. The site benefits from a dense residential population, as well as significant tourist traffic. Nearby national tenants including Publix, Walmart, Chick-fil-A, Lowe’s, T.J. Maxx and more.