Atlanta, Georgia, January 4, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of an Ashley Furniture Distribution Center. At 9791 Green Park Industrial Drive, the 119,680-square-foot single-tenant industrial building is strategically located in the southwest quadrant of the St. Louis metro area directly off Interstate 55 which provides excellent logistical access to major highway thoroughfares.
Stan Johnson Company’s Jason Powell and Colin Couch represented the seller, an affiliate of private equity group Mohegan Capital.
“The Denver-based seller did a first-class job facilitating the sale of this A+ quality facility,” said Colin Couch, Associate Director in Stan Johnson Company’s Atlanta office. “The institutional quality construction boasts a rare 38-foot clear height, and the buyer was primarily motivated to own this distribution center as they also own the tenant’s headquarters in Memphis, Tennessee.”
The property sold in mid-December for $10.0 million to New York-based One Liberty Properties, Inc., a publicly traded REIT (NYSE: OLP). The sale closed at a 7.20 percent cap rate.
“Given the excellent industrial location and Stan Johnson Company’s extensive marketing reach, we received interest from buyers across the U.S., including both institutional and private investors,” Couch added.