Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale leaseback of a four-building medical office portfolio totaling 110,052 square feet. The properties are located at 5 Stevens Street and 601 Halton Road in Greenville, South Carolina, 220 South Pendleton Street in Easley, South Carolina, and 1 Colony Centre Way in Simpsonville, South Carolina. Teresa Lovely and Jeff Matulis of Stan Johnson Company represented the seller and tenant, Jervey Eye Group, who executed long-term leases at the time of sale. The Indiana-based buyer, Cornerstone Companies Inc., acquired the portfolio for $30.5 million.
“We generated a lot of interest and offers on this portfolio because of the great history of the practice and the strong Greenville, South Carolina market,” said Lovely, Associate in Stan Johnson Company’s Tulsa, Oklahoma office. “Healthcare real estate remains in high demand during this pandemic, and our ability to close during this time speaks to the commitment of both the seller and buyer.”
The four properties in the portfolio were built between 2000 and 2018 with the oldest asset being recently renovated. The one- and two-story medical facilities sit on a combined 14 acres in dense medical corridors in and around the Greenville, South Carolina metro area.