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Chicago & Midwest   /   February 25, 2021

Paul Bubny
By: Paul Bubny

Single-Tenant Distribution Facility Trades Above List

Stan Johnson Company (SJC) finalized the sale of a 180,000-square-foot distribution center fully leased to American Plastics at 2040 Production Dr. in Findlay, OH. SJC’s Rob Gemerchak, Jeff Hughes and Jeff Tracy represented the seller, a private Ohio-based developer.

The property was purchased by Gladstone Commercial, an institutional investor based in McLean, VA. The facility traded for $11 million, a 5.5% increase over the asking price.

“The asset was well-positioned as a net lease distribution facility with highway accessibility and a compelling tenant story,” said Gemerchak. “We were successful in running an expedited and targeted sales program which garnered multiple qualified offers and resulted in achieving a sale price above the list price.”

The distribution facility features a long-term net lease and is situated on eight acres near Interstate 75 in Hancock County. The building has been renovated twice since it was originally constructed in 1992.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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