Originally published by Tulsa World A retail center in south Tulsa has been purchased for $9.1 million, according to the locally based commercial real estate company that helped broker the sale. The Burlington-anchored center is located at 7020-7030 S. Memorial Drive, spans more than 102,000 square feet across two buildings and includes an out parcel occupied by men’s clothing retailer DXL. The property is located just west of Woodland Hills Mall, the city’s largest shopping mall. Stan Johnson Co.’s Mike Sladich, Jeff Hughes, Maggie Holmes and Michael Watson exclusively represented the seller, a Baltimore-based investor. A private 1031 exchange buyer from San Jose, California, was the buyer. A 1031 exchange allows an investor to sell one or more appreciated assets and defer the payment of capital gain taxes by acquiring one or more replacement properties. “This asset had some obstacles to overcome in the sales process, namely the oversized box for the main tenant, Burlington,” Sladich, regional director and partner in Stan Johnson Co.’s Atlanta office, said in a statement. “Burlington has communicated their intent to decrease their average store size and operate in the 25,000-30,000-square-foot range moving forward. “Because this site featured a larger floor plate commitment of 55,000 square feet, there was little to no interest from institutional investors that typically would have jumped to acquire an asset like this. However, this opened the door for private investors to purchase a well-located, multi-tenant center in the heart of south Tulsa’s retail corridor, and we were able to secure a California exchange buyer who saw the intrinsic value of the shopping center.”  

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 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 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 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 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.

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 7020-7030 South Memorial Drive in Tulsa, Oklahoma. The Burlington-anchored center totals more than 102,000 square feet across two buildings and includes an outparcel occupied by men’s clothing retailer, DXL. Stan Johnson Company’s Mike Sladich, Jeff Hughes, Maggie Holmes and Michael Watson exclusively represented the seller, a Baltimore, Maryland-based investor. A private 1031 exchange buyer from San Jose, California purchased the asset for $9.1 million. “This asset had some obstacles to overcome in the sales process, namely the oversized box for the main tenant, Burlington,” said Sladich, Regional Director and Partner in Stan Johnson Company’s Atlanta, Georgia office. “Burlington has communicated their intent to decrease their average store size and operate in the 25,000-30,000-square-foot range moving forward. Because this site featured a larger floorplate commitment of 55,000 square feet, there was little to no interest from institutional investors that typically would have jumped to acquire an asset like this. However, this opened the door for private investors to purchase a well-located, multi-tenant center in the heart of south Tulsa’s retail corridor, and we were able to secure a California exchange buyer who saw the intrinsic value of the shopping center.” The property is located at the intersection of South Memorial Drive and East 71st Street and is adjacent to the more than 1.0-million-square-foot Woodland Hills Mall, which is Tulsa’s highest-volume regional shopping mall anchored by Dillard’s and Macy’s, among others. The retail center benefits from high visibility from more than 80,000 vehicles per day and features signalized access. New retail construction and redevelopment in the surrounding area, along with infrastructure improvements, continue to support a growing residential population with strong household demographics.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 812 and 814 South Eastman Road in Longview, Texas. The two-building industrial facility totals 28,907 square feet and is leased to ADB Companies and S&B Engineers. Evan Altemus of Stan Johnson Company represented the seller, an individual investor from Tyler, Texas. The property was acquired by a private 1031 exchange buyer based in California at a 9.30 percent cap rate. The sale price was not disclosed. “It’s becoming increasingly more difficult to find industrial properties with yield in today’s market, so this investment property received significant interest,” said Altemus, Associate Director in Stan Johnson Company’s Dallas, Texas office. “It was a unique situation where the seller wanted to shift more toward single-tenant investments, while the buyer was targeting higher cap rate, value-add industrial assets. The property has two strong credit tenants in place and the ability to generate additional income through value-add possibilities.” The properties were originally built in 1972 and 1978 and have seen numerous improvements in recent years. They are situated on 2.82 acres near U.S. Highway 259 in an industrial and supply area with numerous other tenants including Howard Supply, Daily Electric Motor, Baxter Packaging and Tracker Boats, among others. The site is approximately two hours east of Dallas, Texas and one hour west of Shreveport, Louisiana, and it offers quick access to Interstate 20.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 910 West Randolph Street in Chicago, Illinois. The 4,626-square-foot retail property is fully leased by fast-casual dining restaurant, Velvet Taco. Stan Johnson Company’s Isaiah Harf represented the seller, a locally based developer. The property was purchased by a 1031 exchange investor from Newport Beach, California for approximately $5.65 million reflecting a 4.16 percent cap rate.  “The asset traded before hitting the marketplace broad at a record cap rate for the tenant and area, given a stabilized, 100 percent lease in place,” said Isaiah Harf, Regional Director and Partner in Stan Johnson Company’s Chicago, Illinois office. “Due to the extremely high demand for quality net lease assets, we were able to secure a repeat buyer who wrapped their arms around the location quickly and recognized the unique opportunity to buy a management-free asset in the heart of the West Loop.” The property, located in the Fulton Market neighborhood of Chicago on Restaurant Row, was renovated in 2021. The fast growing, Plano, Texas-based chain serving gourmet tacos operates on a long-term absolute triple net lease.