Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant retail property located at 8200 Perkins Road in Baton Rouge, Louisiana. The 14,000-square-foot building is fully leased to PetSuites. Tom Georges and Stewart Riggs of Stan Johnson Company represented an individual investor from Arkansas in the purchase of the asset. The developer, 3B Development LLC, sold the property for approximately $5.0 million at a 6.85 percent cap rate.
“As the buyer’s representative, we needed to be mindful of the timing of our client’s 1031 exchange,” said Georges, Director in Stan Johnson Company’s New York City office. “The transaction proved to be more challenging than we originally thought, as last-minute negotiations delayed closing and changed material elements of the deal. In the end, the buyer was thrilled with the results we delivered and was pleased to have acquired a quality asset with a strong tenant at a great cap rate.”
PetSuites Pet Resort & Spa is a leader in the expanding pet hotel and boarding facilities sector. The company provides canine and feline services that include daycare, overnight, and extended stay accommodations. The Baton Rouge location is backed by parent company, National Veterinary Associates Inc., and the tenant is on a long-term net lease.