Houston, Texas, June 28, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of 4201 Greenwood Drive, a single-tenant office building leased to the State of Texas and occupied by the Texas Department of Family & Protective Services. The 51,307-square-foot property is located in Corpus Christi, Texas, which is approximately 150 miles southeast of San Antonio.
The seller, a Texas-based developer, was represented by Brian Corriston, Associate Director in Stan Johnson Company’s Houston office.
“The biggest challenge we faced was to procure a highly qualified and capable investor to acquire the asset due to the short lease term remaining,” said Corriston. “Our experience and expertise in the government-leased investment space allowed us to accomplish that for our client.”
A group of individual investors based in the Midwest acquired the property in an off-market transaction. At the time of sale, less than one year of term remained on the lease. The property traded on June 21, 2019 for $4.0 million.