Stan Johnson Company has finalized the $21.3-million sale of a single-tenant industrial facility leased to Advanced Distributors Products in Grenada, MS. The 288,000-square-foot property serves as the distribution center for the tenant’s manufacturing plant located one mile east.

Mike Sladich and Maggie Holmes of Stan Johnson Company represented the seller, Agracel, Inc. The buyer was a Dallas, TX-based REIT.

“There continues to be strong investor demand for new industrial product, especially fungible warehouse space like ADP Grenada,” said Holmes. “We received a lot of interest from both institutional and private buyers, and we ultimately sold at full ask to an institution who closed in 45 days. At $74 per square foot, the property was placed well below replacement cost and with construction costs still on the rise, this was an important metric to investors.”

The property is between Memphis, TN and Jackson, MS with access to Interstate 55, Grenada Municipal Airport and Grenada Railroad.