Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant office building located at 800 Hinesburg Road in South Burlington, Vermont. The 65,000-square-foot facility serves as the headquarters campus for DR Power Equipment, a leading provider of quality outdoor power equipment products. The seller, Pizzagalli Properties, was represented by Chris Adams and Jim Gibson of Stan Johnson Company. A private investor based in Florida purchased the asset for $9.0 million, reflecting a 7.40 percent cap rate. The 1031 exchange buyer was represented by Ethan Cole of North Atlantic Commercial Real Estate.
“The tenant’s longstanding local presence, national recognition and long-term lease commitment were major draws for buyers,” said Adams, Associate Director in Stan Johnson Company’s Dallas, Texas office. “Mission-critical facilities such as this are in high demand with investors, and we received strong market interest for this asset.”
The two-story property, originally built in 1984 on 17.3 acres, was renovated in 2019. The campus offers versatility to house several primary functions including call center capabilities and dedicated R&D space. DR Power Equipment started its business locally in 1985 and has grown to be a national name brand while maintaining its roots in the Burlington community. At the time of sale, there were more than eight years left on the triple net lease, which is guaranteed by parent company, Generac Power Systems.