Tulsa, Oklahoma, May 7, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 27,211-square-foot industrial building in Brookshire, Texas. The single-tenant property, located at 502 FM Highway 359 Road South, is fully occupied by H&E Equipment Services on a net lease with more than 10 years of lease term remaining.
The property was sold by a foreign institutional group represented by Stan Johnson Company’s Zach Harris.
“Equipment rental and services deals are increasing in abundance and popularity as that industry sector continues to exhibit substantial year-over-year growth,” said Harris, Director in Stan Johnson Company’s Tulsa office. “We have traded several of these equipment services assets for clients over the past few years, achieving attractive pricing as a result of the increasing investor demand.”
The property was purchased for $4.2 million on April 11, 2019 by a southern California-based individual investor on a 1031 exchange. Mike Erwin of Colliers International represented the buyer.
“Investor demand for sub-$5 million net lease industrial deals in today’s marketplace remains very strong, especially among the 1031 exchange buyer segment. This particular asset generated multiple offers and ultimately traded above the list price,” added Harris.