Stan Johnson Company Arranges Sale of Freestanding Bank of America in Spring, Texas

Lovering-BankofAmerica

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.

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About Stan Johnson Company:

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.