Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a two-tenant retail center in Durant, Oklahoma. Located at 2418 and 2424 West Main Street, the 74,759-square-foot property was fully leased by Big Lots and Orscheln Farm & Home. Stan Johnson Company’s Ryan Roedersheimer, with support from Senior Analyst Mark Brourman, represented the seller, an individual investor from Sapulpa, Oklahoma. The buyer was CTO Realty Growth Inc., an institutional investor based in Daytona Beach, Florida. They acquired the asset for $3.9 million, reflecting a 7.49 percent cap rate.
“As expected, this asset received immediate interest from investors,” said Roedersheimer, Associate Director in Stan Johnson Company’s Cincinnati, Ohio office. “In the end, we were most impressed with the offer and terms from CTO Realty Growth. Their familiarity with both the market and the tenants led to a smooth transaction for all involved.”
The property was originally built in 1985 and has undergone recent capital improvements. The center is situated on approximately 7.1 acres within the city’s main retail corridor. Neighboring tenants include Walmart Supercenter, Harbor Freight Tools and Aaron’s, among many others, and the center is just minutes from the 1.2-million-square-foot Big Lots distribution center. Both tenants operate on triple net leases.
