Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial asset located at 1921 Southwest 44th Avenue in Ocala, Florida. A Florida-based developer sold the 193,750-square-foot industrial build-to-suit it just completed for Signature Brands. The building sold for $20.7 million and came with a long-term net lease to Signature Brands. The high-bay distribution warehouse will serve their adjacent production facility. The buyer was LBA Logistics, an Irvine, California-based developer and institutional fund manager. LBA has complementary assets in both Orlando and Tampa, and the property fit their aggressive Florida expansion plans. Craig Tomlinson of Stan Johnson Company represented the seller.
“We were over-run with interest on this asset,” said Craig Tomlinson, Senior Director and Partner in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “It sold as if it were an investment-grade tenant in Orlando – a real testament to the depth and competitive state of Florida industrial.”
Signature Brands is a 70-year-old specialty and seasonal decorations maker including the ubiquitous Betty Crocker, PAAS and Cake Mate brands.
