Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, recently completed the sale of a last-mile delivery station in Salem, Oregon. The property was a 129,760-square-foot former solar panel plant owned and operated by Panasonic. The Panasonic operation closed September 2017 and was acquired in March 2018 by facility turn-around specialist, the Reich Brothers of White Plains, New York. The Reich Brothers leased the entire facility to a Fortune 100 e-commerce company in the fall of 2019. Both Reich and the tenant did extensive renovations in the ensuing 12 months to customize the building. The buyer was SPC LLC, a prominent New Jersey owner and syndicator. The building traded for $28.25 million, setting a record for price per square foot in the state of Oregon.
“Our client was pleased to acquire another high-profile industrial facility,” said Craig Tomlinson, Senior Director and Partner in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “This deal is proof that investment-grade, single-tenant industrial properties of this size are no longer just an institutional play.”
About Reich Brothers:
Reich Brothers is a national industrial real estate investment group with 15,000,000 square feet under management across the United States and specializes in the repurposing of underutilized industrial assets for modern day manufacturing and distribution uses.