Stan Johnson Completes $62.7M, 20-Property Portfolio Sale
- Apr 30, 2010
April 30, 2010
By Allison Landa, News Editor
Tulsa, Okla.-based net lease brokerage firm Stan Johnson Co. has completed the $62.7 million sale of a 20-property retail portfolio fully occupied by CVS/pharmacies.
The portfolio, which entails more than 248,000 square feet, has properties located in Alabama, California, Connecticut, Florida, Georgia, Illinois, Massachusetts, Michigan, New Hampshire, Pennsylvania, Texas and Virginia.
Jeff Hughes and Brandon Duff of Stan Johnson represented the buyer as well as the seller, both of whom were Texas-based. When announcing the news, Hughes said that the buyer was attracted to this particular deal given that the properties were highly leveraged and well suited to meet their particular needs.
He added that the company has several comparable transactions in the pipeline exceeding $150 million, with properties boasting long-term, bond-style leases with investment-grade tenants.
As part of its continuing expansion efforts, Stan Johnson recently opened a new regional branch in Chicago, appointing Duff as lead broker and associate director. The firm focuses exclusively on acquisition, disposition and financing of net-leased real estate in the retail, office, industrial and medical product sectors.