RG Properties Sells 2 Midwest Retail Assets for $32M

The freestanding properties in Michigan and Ohio changed hands in separate transactions.
3850 E. Grand River Ave. Image courtesy of Stan Johnson Co.

RG Properties has sold two freestanding big-box Walmart Supercenters in the Midwest. The assets, located in Howell, Mich., and Chillicothe, Ohio, traded to different buyers for a total of $31.6 million. Stan Johnson Co. brokered the transactions. Both properties came online in the 1990s and offer corporate guarantees on absolute triple-net leases.

Consolidated Tomoka Land Co. acquired the Michigan property for $20.6 million. Located at 3850 E. Grand River Ave., on approximately 20 acres, the 214,000-square-foot asset is just off Interstate 96. The property is within a dense retail corridor and in the proximity of Cleary University.

Agree Limited Partnership, an institutional investor, purchased the Ohio asset for $11 million. Located at 85 River Trace Lane, on some 20 acres, the 204,200-square-foot retail building is just off U.S. Route 35.

Senior Director Daniel Herrold and Associate Director Campbell Black of Stan Johnson Co., represented RG Properties. Managing Director Brandon Duff assisted Consolidated Tomoka Land Co. Last month, another team of Stan Johnson represented the seller of a single-tenant, 18,561-square-foot industrial building in Fort Worth, Texas.