Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a freestanding retail property leased to Firestone Complete Auto Care. The newly constructed 3,400-square-foot building is located at 2049 West Main Street in League City, Texas. Stan Johnson Company’s Mark Lovering represented the buyer, a Houston, Texas-based private investor. The seller was a developer based in Dallas, Texas. The asset was purchased in a 1031 exchange for approximately $4.2 million reflecting a 4.65 percent cap rate.
“The amount of private capital chasing net lease automotive tenants with investment grade credit ratings is immense,” said Lovering, Associate Director in Stan Johnson Company’s Chicago, Illinois office. “The bidding process for this asset was highly competitive, but we were excited to have secured a strong cap rate for a repeat client.”
Earlier this year, Lovering represented the same buyer in the acquisition of another Firestone-leased property in Burleson, Texas.