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.
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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