Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an eight-building industrial portfolio across four states. Located in the Southeast and Texas, the portfolio totals more than 200,000 square feet on 70.5 acres. Stan Johnson Company’s Brad Pepin and Jeff Tracy represented the seller who executed long-term, absolute triple net leases at closing. Also representing the seller with legal and other advisory services were Tom Gates and David Maynard of Mirador Real Estate Advisors. The buyer was a New York-based institutional investor. They acquired the sale leaseback portfolio for $28.0 million, although the cap rate was not disclosed.
“This sale leaseback transaction brought together a very successful and leading national heavy equipment owner/operator and a proven institutional real estate buyer that will be a great landlord and owner for many years to come,” said Pepin, Senior Director and Partner in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “Stan Johnson Company is very proud of the sale leaseback results achieved during this difficult pandemic environment. We’re excited to have met the expectations of our valued seller and client in this transaction.”
The portfolio encompasses eight distribution buildings and service facilities, including one newly built property that features a combination of industrial and office space and serves as the tenant’s headquarters.