Stan Johnson Company Brokers 1031 Exchange Acquisition of Single-Tenant Retail Property Near Jacksonville, Florida for $9.7 Million

Daybreak

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 4,800-square-foot single-tenant retail property located at 820 Canaveral Trace in Middleburg, Florida. The Jacksonville-area convenience store and fueling station is fully leased to Daybreak Market on a long-term absolute triple net lease. BJ Feller of Stan Johnson Company represented the buyer. The property traded for more than $9.7 million, although the cap rate was not disclosed. 

“This was an excellent addition to our client’s portfolio as they looked to reposition their real estate via 1031 exchange and optimize it for their long-term, multi-generational holding strategy,” said Feller, Managing Director and Partner in Stan Johnson Company’s Chicago, Illinois office. “We successfully ensured a smooth upleg and downleg, including placing the Daybreak Market under contract during the completion of construction. We very much enjoyed the repeat collaboration with Plaza Street Partners and CIA Commercial Advisors.” 

The large format store reflects the tenant’s latest prototype, and construction was completed in late 2021. The property is situated on 2.26 acres and features 16 fueling stations. The site benefits from strong demographics in the immediate area, along with high traffic counts, proximity to schools and national retailers in the vicinity including Publix and Dollar General, among others. 

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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 $45 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.