Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 51,250-square-foot, single-story office building. Located at 2231 South Centennial Avenue in Aiken, South Carolina, which is less than 30 minutes from downtown Augusta, Georgia, the facility is fully leased to a large corporate user. Stan Johnson Company’s Jimmy Ullrich and Michael J. Macchia represented the seller, a private equity group based in New York. The buyer, a real estate investment company based in Hayden, Idaho, was represented by Stu Peterson of Macadam Forbes. The asset was acquired for approximately $6.1 million, and the cap rate was not disclosed.
“The buyer was highly motivated to acquire this property, as they’ve been following demographic changes and were drawn to the Southeast’s story of growth and commerce,” said Ullrich, Director in Stan Johnson Company’s New York office. “As investors look to the next frontier of opportunities, single-tenant office buildings could be that next frontier. There is so much uncertainty about post-pandemic occupancy that it’s hard to price some office assets at this point in time, but I firmly believe in the future of office space, and investors who take the long-view on the sector should see long-term rewards.”
The property was built in 1990 and is situated on more than 6.8 acres. The facility provides convenient access to Interstate 20 and is close to a thriving retail corridor featuring numerous national brands including Home Depot, Kroger, Target, Starbucks, CVS Pharmacy and more. Nearby office tenants include UPS, AECOM Corporation and the South Carolina Department of Health and Human Services.
