Trends & Insights

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Windward Square, a shopping center located at 5215 Windward Parkway in the northern Atlanta, Georgia suburb of Alpharetta. The 11,166-square-foot property was fully leased to six tenants at the time of sale, including Verizon Wireless and Eye Level Learning Center. Stan Johnson Company’s Jeff Enck represented the 1031 exchange buyers, a group of private investors based in Georgia. The seller was Penn Hodge Properties, a local developer, and the asset traded for more than $3.2 million. “We were able to find an excellent off-market property for our 1031 exchange clients, despite the current lack of available supply,” said Enck, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “The buyers acquired a six-tenant, low management property in an elite area of Alpharetta.” Originally constructed in 2003, the well-maintained center is situated on nearly 1.6 acres and features ample surface parking. The property fronts heavily trafficked Windward Parkway and is shadow anchored by Costco. Other neighboring tenants include Home Depot and Walmart.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the launch of a new affiliate debt services company, Four Pillars Capital Markets. The new firm will provide debt and equity financing solutions for commercial real estate investment properties. Four Pillars Capital Markets is a company built on the following principles: Service, Excellence, Collaboration and Access. The firm’s professionals are committed to providing personalized, white-glove service to clients along with access to best-in-class insights, market data and capital providers. By leveraging the latest technology, a unified shared services platform and deep relationships with capital sources, investors in the historically underserved middle market now have a new choice in capital markets that is built on a legacy of client service. “As part of our strategic growth plan, we have identified an opportunity to provide better service to our existing clients, attract new clients and offer a diversified capital markets platform,” said Stan Johnson, President and CEO. To help lead this new service line, the firm has also announced the hire of Farhan Kabani. Previously with Mark One Capital, an affiliate of Marcus & Millichap, Kabani has more than 15 years of commercial real estate finance experience and has secured over $5.0 billion in debt and equity capital for clients. Kabani joins Four Pillars Capital Markets as Partner and, with support from the Stan Johnson Company executive team, will lead the new real estate capital markets brokerage. “I’m honored to embark on this new opportunity,” said Kabani. “The Four Pillars national platform offers access to a deep pool of capital sources, and we have a unique opportunity to build a team that will provide unparalleled service to clients in the middle market. This is a very exciting opportunity to elevate the standard of service and client experience that investors expect when hiring a firm to source the best capital solution for their real estate financing needs.” Four Pillars Capital Markets has identified key geographies for future expansion in order to provide the best national coverage for clients. About Four Pillars Capital Markets: Four Pillars Capital Markets, an affiliate of Stan Johnson Company, is a real estate capital markets brokerage firm dedicated to providing the highest level of client service. With over $5.0 billion in capital sourced and decades of industry experience, Four Pillars Capital Markets provides debt and equity financing to commercial real estate investors as they acquire or refinance office, industrial, retail, healthcare, multifamily and specialty assets. To learn more about Four Pillars Capital Markets, please visit: www.fpcm.com.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of 4999 North State Road 7 in Tamarac, Florida. The 3,100-square-foot gas station and convenience store was fully leased to 7-Eleven. Stan Johnson Company’s Tom Georges represented the New York-based 1031 exchange buyer, who acquired the asset for approximately $6.7 million reflecting a 5.65 percent cap rate. “While most newly-leased 15-year 7-Eleven properties are trading at sub-5.0 percent cap rates due to the strength of corporate credit, this deal offered a higher cap rate given the franchisee’s credit and was particularly attractive to the buyer,” said Georges, Director in Stan Johnson Company’s New York office. With direct access to the Florida Turnpike, the well-located property was built in 2018 and is situated on 0.8 acres at a signalized intersection which sees over 100,000 vehicles per day combined. Neighboring tenants include Publix, Walmart Supercenter, Walgreens, Planet Fitness and many others.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the ground lease sale of a 13,500-square-foot drugstore occupied by Walgreens. The single-tenant property located at 7135 Beechmont Avenue in Cincinnati, Ohio sold to a private investor for approximately $3.4 million reflecting a 6.20 percent cap rate. Patrick Metz of Stan Johnson Company represented the Ohio-based seller, The Beischel Investments LP. “We were able to secure a buyer before we even had a chance to go to market with this asset,” said Metz, Associate in Stan Johnson Company’s Cincinnati, Ohio office. “Attorneys working for the buyer and seller did great work in ironing out challenges related to missing or misfiled environmental documents by the previous owners, so this was a true team effort by both sides with a great outcome.” Situated on 2.0 acres just north of Interstate 275 in western Cincinnati, the property is strategically located near Mercy Health-Anderson Hospital and Cincinnati Children’s Anderson. The asset features ample surface parking and a drive-thru, and at the time of sale, there were approximately 16 years of base lease term remaining.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of the former Mount Vernon Mills manufacturing and distribution facility located at 2850 Gainesville Highway in Alto, Georgia. Two buildings totaling approximately 641,000 square feet, along with 106 acres, were included in the sale. Stan Johnson Company’s Robert Poirier represented Mount Vernon Mills in the short-term sale leaseback. The property was acquired for $7.5 million by Phoenix Investors LLC, a developer based in Milwaukee, Wisconsin. “This was an excellent opportunity for Mount Vernon Mills to divest of a facility that was no longer needed for their current operations,” said Poirier, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “The sale leaseback was structured to give Mount Vernon Mills enough time to disassemble and remove the equipment and machinery located across the two buildings, while providing the new owner the ability to make necessary improvements as they look to lease the buildings.” The well-maintained property includes security fencing around the perimeter with gated access and is located 70 miles northeast of downtown Atlanta, featuring convenient access to Interstates 85 and 985. “We received numerous offers and continued to have interest in the buildings up until the closing date,” added Poirier.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 10-building quick service restaurant portfolio fully leased to Taco Bueno. The portfolio totaled 25,643 square feet, and the properties were located across Oklahoma and Texas. The seller, U.S. Realty Advisors LLC, was a private equity group based in New York. They were represented by Josh Pardue of Stan Johnson Company. The buyer was Centric Capital Partners, a Dallas, Texas-based developer. The portfolio traded for $13.7 million reflecting a 7.22 percent cap rate. “This transaction had a few nuances – explaining the transition from bankruptcy to new ownership, working through a restaurant sale during the pandemic, as well as understanding how to effectively market small cap credits to achieve top pricing,” said Pardue, Senior Director in Stan Johnson Company’s New York office. “The tenancy was recently acquired by a leading operator, Sun Holdings Inc., which was attractive to the buyer. With drive-thru properties being in demand, not to mention the largely Texas-based locations, we saw strong interest from institutions, regional buyers, and private investors alike.” Sun Holdings Inc. acquired Taco Bueno in 2019 to revitalize and grow the brand, and with over 23 years of restaurant experience, the company has built an expansive franchise network with 11 brands across 800 locations and 12 states.

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of two healthcare assets near Charlotte, North Carolina. The multi-tenant medical office building located at 4315 Physicians Boulevard in Harrisburg, North Carolina totaled 23,276 square feet and was anchored by Atrium Health. The 18,876-square-foot single-tenant property at 8560 Cook Street in Mount Pleasant, North Carolina was fully leased by Cabarrus Family Medicine, an affiliate of Atrium Health. Stan Johnson Company’s Colin Cornell coordinated the transactions which totaled $14.0 million across the two properties. Main Street Medical Property LLC, a developer based in Albemarle, North Carolina, sold the assets, with Healthcare Realty Solutions, a local private equity group, acquiring them. “This sale was conducted off-market, with the challenge being that the seller was only interested in an offer that entailed both assets,” said Cornell, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “Normally, we may see different buyer types for a multi-tenant medical office building and a single-tenant healthcare net lease asset. However, the buyer who closed on the transaction was attracted to both assets as they have a strong relationship with Atrium Health and geographical ties to the Southeast region.”

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a two-tenant retail center in Durant, Oklahoma. Located at 2418 and 2424 West Main Street, the 74,759-square-foot property was fully leased by Big Lots and Orscheln Farm & Home. Stan Johnson Company’s Ryan Roedersheimer, with support from Senior Analyst Mark Brourman, represented the seller, an individual investor from Sapulpa, Oklahoma. The buyer was CTO Realty Growth Inc., an institutional investor based in Daytona Beach, Florida. They acquired the asset for $3.9 million, reflecting a 7.49 percent cap rate. “As expected, this asset received immediate interest from investors,” said Roedersheimer, Associate Director in Stan Johnson Company’s Cincinnati, Ohio office. “In the end, we were most impressed with the offer and terms from CTO Realty Growth. Their familiarity with both the market and the tenants led to a smooth transaction for all involved.” The property was originally built in 1985 and has undergone recent capital improvements. The center is situated on approximately 7.1 acres within the city’s main retail corridor. Neighboring tenants include Walmart Supercenter, Harbor Freight Tools and Aaron’s, among many others, and the center is just minutes from the 1.2-million-square-foot Big Lots distribution center. Both tenants operate on triple net leases.