Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an industrial manufacturing facility at 998 East Park Drive in Grayson, Kentucky. The newly constructed build-to-suit property totals 25,000 square feet and is fully leased to Flowserve, a leading provider of fluid motion and control products and services. BJ Feller, Isaiah Harf and Andy Gatchell of Stan Johnson Company represented the buyer, a Tulsa, Oklahoma-based family partnership, who purchased the asset for $6.2 million at a 7.50 percent cap rate. The Houston, Texas-based seller, Investment & Development Ventures LLC, was represented by Alex Sharrin and Trent Agnew of JLL.
“The acquisition of the Flowserve industrial property played a crucial role in fulfilling our client’s 1031 exchange associated with a strategic portfolio repositioning,” said Feller, Managing Director & Partner in Stan Johnson Company’s Chicago, Illinois office. “Private investors continue to view the industrial segment as a safe harbor in times of economic uncertainty.”
The property is located within a 1,000-acre, multi-use business park strategically located along Interstate 64 in northeast Kentucky near the Ohio and West Virginia borders. At the time of sale, there were more than 14 years of term remaining on the tenant’s double net lease.
