Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 7,800-square-foot office building fully leased to Irby Construction Company. The facility, located at 702 Tillman Place in Plant City, Florida, serves as the company’s regional operations center. The seller, represented by John Rotunno of Stan Johnson Company, was a Florida-based private investor. A national REIT purchased the asset for $1.7 million.
“The seller was looking to diversify into new sectors,” said Rotunno, Associate Director in Stan Johnson Company’s New York office. “Despite uncertainty in the office market and less than five years remaining on the lease, we were able to generate interest through a broad marketing effort and close on the sale with a quality buyer.”
Irby Construction is a leading electrical contractor in power line construction. The company builds transmission and distribution systems as well as substations. In early 2020, they relocated regional operations to the Plant City facility from two smaller office locations and signed a five-year net lease. The property, originally constructed in 1995, is situated on more than 1.9 acres just 30 minutes east of downtown Tampa.