Chicago & Midwest + Midwest + Net Lease | February 25, 2021

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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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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