Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 105 Greenbrier Dear Road in Anniston, Alabama. The 7,488-square-foot retail building is fully leased to Advance Auto Parts. Stan Johnson Company’s Brian Lane and Emery Shane represented the seller, an individual investor based in California. Jeff Enck, also of Stan Johnson Company, represented the Georgia-based 1031 exchange buyer. The property traded for approximately $1.0 million reflecting a 7.01 percent cap rate.
“The purchaser acquired the property to complete a 1031 exchange out of an older multi-tenant property,” said Enck, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “They were looking for higher yield with low management responsibilities, so this property was an excellent fit.”
The property was constructed on 0.81 acres in 1997, and the tenant has been operating at this location for almost 10 years. At the time of sale, there were approximately five years of term remaining on the double net lease.
“The seller was a long-time client that was selling for estate purposes,” added Lane, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office.
