Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of 37705 Roys Point Boulevard in Bayfield, Wisconsin – a single-tenant, 26,640-square-foot office building occupied by the National Park Service. The property traded for approximately $7.8 million.
Stan Johnson Company’s Scott Briggs exclusively represented the seller, Roy’s Pointe LP, a Wisconsin limited partnership.
“There were many transactional nuances posed by the declining rental stream, the special purpose building structure, and its accompanying marina that made this sale more challenging than most as we guided this from listing to close,” said Briggs, Director in Stan Johnson Company’s Tulsa, Oklahoma office. “However, this project is an attractive, mission-critical facility for the National Park Service. It functions as a marina, boat maintenance facility, and field office that serves the 21 islands and 43,000 acres of public lands that comprise the Apostle Islands National Park in upstate Wisconsin. A recent lease extension by the tenant will provide the new owner with rental income for many years that is guaranteed by the federal government.”
The property was purchased by Bayfield WI I SGF, LLC, a Delaware limited liability company. The tenant had recently executed a 15-year lease extension, and at the time of sale had 12 years of firm term remaining on their modified gross lease.