Originally published by The Post and Courier A Hanahan medical office building on a shopping center outparcel recently changed hands for $8.225 million.  Harbor Chevrolet Corp. of Long Beach, Calif., bought the 15,030-square-foot healthcare facility leased by Coastal Kids Dental and Braces at 996 Tanner Ford Blvd. in late March, according to Berkeley County land records.  The previous owner of the site in the Lowes Foods-anchored shopping center in Tanner Plantation was North Rhett Ventures LLC, which is affiliated with the owners of the tenant practice.  The two-story property was built in 2017 on a 1.52-acre site. The flagship location houses the tenant’s dental and orthodontic practice as well as its office support and executive staff.  Tulsa, Okla.-based commercial real estate firm Stan Johnson Co. handled the all-cash sale for the seller.  Jeff Enck with the broker’s Atlanta office said the property received multiple offers, but closed with a group of West Coast investors.  “Medical net lease properties, particularly those with rental increases, continue to be in favor with investors as inflation rises,” Enck said. 

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 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 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. 

Originally published by Dayton Business Journal A large building that houses one of the Dayton area's top employers has been sold for more than $5 million.  Stan Johnson Company, an investment sales brokerage firm, recently completed the sale of a 64,000-square-foot healthcare facility located at 2308 Sandridge Drive in Moraine. The property is fully leased to CompuNet Clinical Laboratories (CCL), a full-service clinical laboratory serving physicians, hospitals and health organizations throughout southwest Ohio.  The deal marks another example of groups targeting Dayton-area commercial properties.  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. Mark Fornes Realty and CBRE jointly listed the property, which 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 the southern Dayton suburb. 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 is near Interstate 75, and is in close proximity to Kettering Health’s main campus.  CompuNet is one of the 40 largest employers in the Dayton region, according to DBJ research. It had 940 local employees as of 2021 — a large jump from the 590 people it employed the year prior.  Stan Johnson Company is a commercial real estate brokerage and advisory firm that focuses on investment sales transactions involving retail, office, industrial, healthcare and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets and advisory services for institutions, developers, investment funds, corporate occupiers and private investors across the United States.  With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve clients. The firm has completed more than $40 billion in transactions nationwide, and continues to focus on growth and expansion into other industry sectors and services. 

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 Windy Hill Crossing located at 2311 Windy Hill Road in Marietta, Georgia. The 32,000-square-foot unanchored center features a mixture of restaurants and service retailers including FedEx Office and Jackson Hewitt. Billy Benedict and Jeff Enck of Stan Johnson Company represented the 1031 exchange buyer, a locally based group of investors. The seller, represented by Kyle Stonis of SRS Real Estate Partners, was an investor group based in nearby Smyrna, Georgia. The property traded for approximately $6.0 million reflecting a 6.47 percent cap rate. “Windy Hill Crossing is in a very prominent location within Atlanta’s northern suburbs, and there are several major redevelopments in the immediate area,” said Benedict, Associate in Stan Johnson Company’s Alpharetta, Georgia office. “The center has had very stable tenancy over the years, and at the time of sale, there was a new, pending lease that brings the property’s occupancy to over 96 percent.” The shopping center was built in 1986 and is situated on 3.4 acres at the signalized intersection of Windy Hill Road and Highway 41, Marietta’s main surface thoroughfare.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a retail convenience store and gas station leased to 7-Eleven. Located at 3868 Delaware Drive in Fremont, California in the San Francisco Bay area, the 2,400-square-foot property sold at a 3.25 percent cap rate. Mike Matter of Stan Johnson Company represented the seller in a 1031 exchange. The property was acquired by a California-based private investor for approximately $2.3 million. “There was significant interest in the offering due to the location having high barriers to entry, a short-term lease and low relative rents,” said Matter, Director in Stan Johnson Company’s Newport Beach, California office. “We were able to generate seven offers and ended up selling over the list price.” 7-Eleven has occupied the property since it was originally built in 1977. The site is situated on 0.5 acres in a dense residential area just north of an industrial complex with national operators including the 4.4 million-square-foot Tesla manufacturing center. The tenant operates on a corporate guaranteed triple net lease.