Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a freestanding, junior box retail building leased to Tractor Supply Company. At 420 U.S. Highway 411, the property is located in Rome, Georgia, which is a rural suburb northwest of Atlanta. The building totals 19,097 square feet, and it was built in 2005 on nearly 8.0 acres of land. Mike Sladich, Joey Odom, Maggie Holmes, Mollie Alteri and Michael Watson of Stan Johnson Company represented the seller, Interwest Capital Corporation, an individual investor from La Jolla, California. The asset sold to a California-based private investor represented by Jamie Harrison at Touchstone Commercial Properties for an undisclosed price.
“Tractor Supply properties have been in high demand due to their continued success during quarantine as an essential retailer,” said Sladich, Senior Director and Partner in Stan Johnson Company’s Atlanta, Georgia office. “We solicited offers and interest from across the country, and the seller ultimately decided to move forward with an all-cash California-based investor in lieu of other offers that would have needed to secure financing. The cap rate we achieved is a great example of the continued interest we’ve seen for long-term, essential retailer-leased assets.”
The property traded at a 5.65 percent cap rate, which “is among the lowest rates we’ve seen for Tractor Supply assets that have sold in the last year,” added Sladich.
