Stan Johnson Sells Central Florida Portfolio for $28M

The portfolio comprises 14 retail properties totaling 89,282 square feet.
Joshua Pardue, senior director, Stan Johnson Co.
Joshua Pardue, senior director, Stan Johnson Co.

Central Florida—Stan Johnson Co. announced the sale of the Ker’s Wing House Portfolio in Central Florida to STORE Capital for $28 million.

The portfolio comprises 14 retail properties totaling 89,282 square feet. Joshua Pardue, senior director of Stan Johnson Co. and his team, were responsible for closing the transaction.

“We are pleased to be able to transact this portfolio at a strong cap rate for a restaurant concept in a challenged casual dining market.  Part of the marketing process was analyzing the ’waitress only’ industry and explaining the narrative that these are as much entertainment as they are casual dining,” said Pardue, in prepared remarks. “The business and credit question about Wing House’s model is, where else can someone leave work, get food, beer, sports and socialize with a fun staff for $25 a ticket?  Wing House has additional growth planned and will continue to capture market share in and around Florida.  STORE Capital, a top national buyer of small to mid-cap credit, single-tenant, net lease properties, saw the value in the credit story and track record and Third Lake Capital’s Professional Management Team was bullish on adding this credit to their portfolio.”

Image courtesy of Stan Johnson Co.