Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a Chesterbrook Academy located at 9897 West Oakland Park Boulevard in Fort Lauderdale, Florida. Stan Johnson Company’s Milo Spector, Chris Lomuto and Matt Lipson, represented the seller, an individual investor from Deerfield Beach, Florida. A Florida-based developer, Mouhalis Capital, purchased the 11,000-square-foot asset. The property sold for approximately $2.0 million at a 5.14 percent cap rate.
“This was a very interesting transaction that really worked out for everyone,” said Spector, Associate Director in Stan Johnson Company’s West region who has a focus on early education properties nationally. “The seller was able to achieve their price, and the buyer was able to negotiate a deal to get a new tenant into the space amid a pandemic. This illustrates how much demand there is from operators to continue to grow and demonstrates the underlying value in the real estate.”
The single-tenant facility sits on 1.25 acres in a high-traffic corridor surrounded by several schools, national retailers and an established residential population.