Toledo, Ohio, August 6, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a four-building industrial portfolio across three rural Iowa markets. Located at 408 & 411 Maplewood Avenue in Williamsburg, Iowa, 403 South 8th Street in Montezuma, Iowa, and 1951 A Avenue in Victor, Iowa, the portfolio totaled nearly 684,000 square feet and was leased to a subsidiary of Magna International Inc.
The facilities were sold by Granite REIT, a Toronto, Ontario-based publicly traded real estate investment trust, which was exclusively represented by Stan Johnson Company’s Rob Gemerchak and Jeff Hughes.
“The transaction illustrates that there remains an active investor market for single-tenant net lease industrial portfolio opportunities in small to mid-sized markets across the Midwest,” said Gemerchak, Director in Stan Johnson Company’s Toledo office.
The buyer, GMS Equities, was an individual investor based in New Rochelle, New York. The portfolio transaction closed on June 18, 2019 for $16.9 million. The cap rate was not disclosed.
“Despite being older construction, these remain high quality assets,” added Gemerchak. “Not only are they well located on Interstate 80, but these are mission-critical manufacturing facilities that would be difficult for the tenant to replace.”