Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has assisted buyers with the purchase of two unanchored strip centers. Ruby Plaza, a 15,000-square-foot center, is located at 6600 Val Verde Road in Donna, Texas, while Palmhurst Plaza in Mission, Texas is located at 155 West Mile 3 Road and is 11,580 square feet. Both centers sold to private investors from Texas and were represented by Evan Altemus in Stan Johnson Company’s Dallas, Texas office. Together, the properties traded for nearly $1.5 million, although neither cap rate was disclosed.
“In today’s COVID-19 environment, it’s absolutely a team effort with lenders, title companies and other brokers to get a deal done,” said Altemus, Associate Director at Stan Johnson Company focused on multi-tenant retail investment sales. “It’s critical as a broker to really listen to what the client is looking for and take the extra time to thoroughly research each potential deal, as many buyers are looking to transact despite the pandemic, but may be skeptical about tenants’ situations.”
Altemus has also paired buyers with freestanding net lease retail properties in recent weeks, including a Family Dollar in Leesburg, Georgia and a Dollar General located in Fort Stockton, Texas. Both of these assets were purchased by private 1031 exchange investors.
“Many buyers thought ‘good deals’ would be abundant due to COVID-19, but that hasn’t necessarily been true,” added Altemus. “Good deals are available, but it takes a bit of digging to find them sometimes. Buyer-seller expectations aren’t always aligned, and many sellers are reluctant to sell at a discount because they view today’s pandemic conditions as temporary. But with investors needing or wanting to transact, I’ve focused on giving my clients different options to consider, studying the pros and cons of each opportunity, and helping them work through COVID-19-related difficulties that arise, so they can successfully achieve their individual investment strategies.”