Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a 180,000-square-foot industrial distribution center fully leased to American Plastics, a leading designer, manufacturer and distributor of innovative plastic-injection molded products. The property is located at 2040 Production Drive in Findlay, Ohio. Stan Johnson Company’s Rob Gemerchak, SIOR/CCIM, Jeff Hughes, SIOR, and Jeff Tracy represented the seller, a private Ohio-based developer. The property was purchased by Gladstone Commercial, an institutional investor based in McLean, Virginia. The facility traded for $11.0 million, representing a 5.5 percent increase over the asking price.
“The asset was well-positioned as a net lease distribution facility with highway accessibility and a compelling tenant story,” said Gemerchak, Director in Stan Johnson Company’s Toledo, Ohio office. “We were successful in running an expedited and targeted sales program which garnered multiple qualified offers and resulted in achieving a sale price above the list price.”
The distribution facility features a long-term net lease and is situated on eight acres near Interstate 75 in Hancock County. The building has been renovated twice since it was originally constructed in 1992, and nearby distribution tenants include Best Buy, Lowe’s, Kohl’s and Campbell’s Soup.