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RG Properties Trades Net-Leased Walmarts in MI, OH
Stan Johnson Company (SJC) recently completed two individual property sales of freestanding net-leased Walmart Supercenters in the Midwest on behalf of Dayton, OH-based RG Properties. The seller was represented by SJC’s Daniel Herrold and Campbell Black.
One property, located at 3850 East Grand River Ave. in Howell, MI, totals more than 214,000 square feet and sold for $20.6 million. The buyer, Consolidated Tomoka Land Company, was represented by Brandon Duff of SJC.
The second property, at 85 River Trace Ln. in Chillicothe, OH, spans 204,184 square feet. It sold for approximately $11.0 million to Agree Limited Partnership, an institutional investor. The cap rates for both sales were undisclosed.
“Transacting both deals during these uncertain times is a true testament to the efforts of all parties involved,” said Herrold. “Walmart is always a highly desirable credit, but especially now given the pandemic and Walmart’s status as an essential business.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
- ◦Lease
