Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 1555 Brampton Avenue in Statesboro, Georgia. The 6,617-square-foot medical office building is fully leased to Atlanta Gastroenterology Associates but was vacant at the time of sale. Stan Johnson Company’s Doug Clyburn and Julie Clyburn represented the seller, Hamron Inc., an Atlanta, Georgia-based private investor, in the off-market transaction. The asset was purchased by a local development firm for approximately $2.2 million reflecting an 8.84 percent cap rate.
“We represented the seller of this off-market ‘dark’ medical office building located in Statesboro, Georgia,” said Doug Clyburn, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office. “The tenant consolidated its operation into other facilities but has maintained the property and will continue to honor its lease for the six and a half years remaining on the original 15-year absolute triple net lease. This provides the new owner with in-place cash flow, including 2.0 percent annual escalations, and they’ll have ample time to re-tenant or redevelop the property.”
The property was built in 2004 and is situated on 1.45 acres. Statesboro, Georgia is located one hour northwest of Savannah and is a healthcare leader in southeast Georgia. The site is in close proximity to the East Georgia Medical Center and is adjacent to Georgia Southern University.