Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a net lease bank branch located at 5938 FM 2920 in Spring, Texas. Mark Lovering of Stan Johnson Company exclusively represented the Texas-based private seller. The buyer, a Milwaukee, Wisconsin-based investor, was represented by Stan Johnson Company’s Matt Lipson and Mike Philbin. The asset traded at a 6.00 percent cap rate, although the price was not disclosed.
“This is a trophy site for Bank of America, which has operated at this location since 2003 and benefited from strong annual deposit growth,” said Lovering, Associate Director in Stan Johnson Company’s Chicago, Illinois office. “Despite several significant delays caused by COVID-19, we successfully navigated the deal across the finish line with the buyer’s 1031 timeline.”
The property was built in 2003 and is situated on 1.7 acres in a northern suburb of Houston, Texas. The site features a drive-thru, has outstanding visibility and is strategically located as an outparcel to a Walmart-anchored shopping center.
“This was a great acquisition for our buyer who needed to satisfy a 1031 exchange. He loved the location and the credit behind the lease,” added Lipson, Associate Director in Stan Johnson Company’s Portland, Oregon office.