Stan Johnson Company Completes Sale of National Park Service Office in Wisconsin for $7.8 Million

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.

 

View Profile
About Stan Johnson Company:

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.