Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has reached a pivotal milestone. 100 days have passed since the firm announced it had completed its first acquisition, merging with Atlanta, Georgia-based brokerage firm Shane Investment Property Group. The strategic acquisition was made to support Stan Johnson Company’s multi-tenant retail investment sales growth and diversification strategy, and in the first 100 days, multi-tenant retail closings increased 71 percent.
“We’ve seen an immediate impact from the sales professionals who joined us from Shane Investment Property Group,” said Jeff Cox, Managing Partner and sales leader of the East Region. “These brokers hit the ground running and their activity is exceeding expectations. The cultural fit has been very strong, and clients are seeing immediate benefits from our expanded service line. Our established platform provides brokers with the transactional support needed to deliver extraordinary results to our clients and collaborative support to build their own teams and businesses.”
In the first 100 days, former Shane Investment Property Group brokers have announced multiple closings, including:
- Acworth Station – sale of a three-tenant shopping center in Acworth, Georgia for $4.6 million arranged by Emery Shane and Brian Lane. Tenants included Jim ‘n Nick’s Bar-B-Q, Heartland Dental and The Vitamin Shoppe.
- Braselton Shops – sale of a three-tenant shopping center anchored by AGA Medical and AT&T in Braselton, Georgia. Arranged by Emery Shane and Brian Lane, the center traded for approximately $3.9 million.
- Shoppes at Olde Towne – sale of a multi-tenant retail and office complex in Suwanee, Georgia for $6.0 million brokered by Doug Clyburn.
- Main Street Retail Shops – sale of a multi-tenant boutique retail asset in downtown Duluth, Georgia that was part of a larger $10.0 million sale brokered by Jeff Enck, Brian Lane and Emery Shane.
- Holcomb Bridge Center – sale of an 11,516-square-foot retail strip center in Roswell, Georgia for $1.6 million arranged by Billy Benedict, Brian Lane and Emery Shane.
“These and other transactions that have closed in only the first 100 days illustrate the continued demand we’re seeing for multi-tenant retail centers,” added Cox. “Properties with essential retailers in desirable markets remain very popular with investors. And with buyer demand high, we expect to see increasing levels of activity in 2021, understanding that supply remains somewhat scarce.”
For several months following the start of the pandemic, new listing activity slowed significantly as investors cautiously waited on the sidelines. In the second half of 2020 and into the beginning of 2021 however, the market began to see an up-tick in new listings, and currently the firm is actively marketing several multi-tenant retail properties in the Southeast, including:
- Snapfinger Plaza – a six-tenant, 26,600-square-foot shopping center in Decatur, Georgia exclusively listed by Kermit Hairston for approximately $2.6 million.
- Shops at Carlin – a fully-leased, 15,700-square-foot unanchored strip center in Covington, Georgia marketed by Doug Clyburn and Julie Clyburn.
- Clearwater Retail Shops – offered by Jeff Enck, a multi-tenant retail center primed for redevelopment in Clearwater, Florida.
The firm is marketing two additional multi-tenant retail centers on behalf of property owners, and both are currently under letter of intent. Brokers are also working with active buyers through the final stages of negotiation on five shopping center opportunities across Florida and Georgia.
Josh Campbell, Managing Partner of strategic initiatives, who spearheaded last year’s acquisition noted that “the investor community underestimates the potential business in multi-tenant retail because they’re looking at it too traditionally or narrowly. More now than ever, we’re underwriting deals for clients with large shopping centers where we’re finding tremendous potential value through carve-out, parcelization, re-plat and redevelopment strategies. We’re excited at the opportunities within the multi-tenant retail sector and will continue to identify additional firms and individual brokers who want to grow with us.”