Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed two individual property sales of freestanding big-box Walmart Supercenters in the Midwest on behalf of a Dayton, Ohio-based developer, RG Properties. The seller was represented by Daniel Herrold and Campbell Black of Stan Johnson Company. One property, located at 3850 East Grand River Avenue in Howell, Michigan, totals more than 214,000 square feet and sold for $20.6 million. The buyer, Consolidated Tomoka Land Company, was represented by Brandon Duff of Stan Johnson Company. The second property, at 85 River Trace Lane in Chillicothe, Ohio, encompasses 204,184 square feet. It sold for approximately $11.0 million to Agree Limited Partnership, an institutional investor. The cap rates for both sales were undisclosed.
“Transacting both deals during these uncertain times is a true testament to the efforts of all parties involved,” said Herrold, Senior Director in Stan Johnson Company’s Tulsa, Oklahoma office. “Walmart is always a highly desirable credit, but especially now given the pandemic and Walmart’s status as an essential business. Both assets were extremely marketable and viewed as a flight to safety for investors that may otherwise have sought higher yields. I believe this was a win-win for both investor groups.”
Both properties were built in the 1990s and each sit on approximately 20 acres. Both assets offer corporate guarantees on absolute triple net leases.