Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a single-tenant, 60,000-square-foot build-to-suit warehouse in Sarasota, Florida. The property, located at 6101 Sawyer Loop Road, was fully occupied by Hajoca Corporation, a wholesale distribution company that offers plumbing, heating, and industrial supplies to commercial and residential customers. The asset traded for approximately $9.5 million at a 7.00 percent cap rate.
Stan Johnson Company’s Gill Warner represented both parties during the transaction. The seller was a Florida-based developer, and the property was purchased by a group of foreign individuals based in Canada.
“The newly constructed building was completed this summer, and the 10-year, double net lease commenced at delivery,” said Warner, Senior Director in Stan Johnson Company’s Tulsa, Oklahoma office. “The high-quality construction, long-term net lease, and desirable tenant made this a very attractive investment.”
The property sits on 6.6 acres and is located in the heart of a large industrial area in South Sarasota. The initial building includes a mixture of warehouse and office/showroom space, and it offers room to expand the facility by another 10,000 square feet in the future.
