Palm Beach County, Florida, March 28, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 22,293-square-foot retail building leased to ALDI. The newly constructed single-tenant grocery store is located in Palm Beach County, Florida.
The property was purchased by a private New York family, represented by William Caruso, Associate Director in Stan Johnson Company’s New York office.
“Our client was in a 1031 exchange, and they were attracted to the property because of the strength of ALDI’s credit, the long-term lease, and the solid real estate fundamentals,” said Caruso.
The property was sold by the developer, which was represented by Calkain’s Patrick Nutt. The property sold on March 28, 2019 for $3.6 million at a 4.75 percent cap rate.
Built in early 2019, the property sits on 3.04 acres with traffic counts approaching 40,000 vehicles per day. A 20-year, absolute triple net ground lease is in place.