Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 12-property portfolio of single-tenant retail buildings located across 10 states. The 187,884-square-foot portfolio included properties ranging from 4,000 square feet to 26,000 square feet and included five distinct tenant brands in the aftermarket auto parts, eye care and pet supply sectors, among others. Stan Johnson Company’s Zach Harris, Jeff Hughes and Melissa McKenzie represented the seller, a Midwest-based private family office. A joint venture between affiliates of MCB Real Estate, a Maryland-based real estate investment firm, and Blue Vista Capital Management, a Chicago-based real estate investment manager, purchased the portfolio for approximately $28.5 million. Mike Sladich and Maggie Holmes of Stan Johnson Company represented the buyer. The cap rate was not disclosed.
“This net lease portfolio consisted of a strong diversification of name-brand essential retail tenant credits which was quite attractive to the buyer,” said Harris, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “We continue to see particularly robust investor demand for these diversified single-tenant retail portfolios featuring established locations and strong credit tenants.”
In recent months, Harris brokered the $68.4 million sale of a 27-property portfolio of single-tenant retail buildings across 18 states that also received strong interest from investors.