Stan Johnson Company Brokers Sale-Leaseback of Triple Net Convenience and Gas Portfolio in California for $24.5 Million

Los Angeles, California, June 28, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale-leaseback of a six-property portfolio of Mobil-branded convenience and gasoline (C&G) retail sites in Los Angeles, California.

Matt Lipson, Chris Lomuto and Milo Spector, Associate Directors in Stan Johnson Company’s Portland, Oregon and Walnut Creek, California offices, exclusively represented the seller/operator in the transaction. Known as 1234 M Division Street, the seller/operator is a boutique carwash and C&G operator based in Southern California.

“Being a merger and acquisition-style sale-leaseback, this deal was bound to be complicated – and it did not disappoint,” said Lipson. “We were in escrow for nearly eight months, but everyone came out a winner, including buyers, sellers and tenant. The acquiring tenant found the lion’s share of their acquisition financing via sale-leaseback, and a highly sophisticated C&G real estate owner acquired six tremendously valuable properties with a long-term tenant in place.”

A New York-based institutional investor purchased the portfolio on June 17, 2019 for $24.5 million at a 7.25 percent cap rate.

“Between all the underwriting, multiple escrows, 750+ pages of legal documents, and several financing instruments, including a partial seller-carry, this was one of those deals that really blurs the line between real estate brokerage and investment banking,” said Lomuto. “So, we’re truly happy for all the parties that we were able to overcome all the challenges. It felt like we really climbed a mountain on this one. But best of all, we climbed that mountain together, as one cohesive deal team.”

 

 

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About Stan Johnson Company:

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.