Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed two individual sales of industrial facilities leased to Coleman Worldwide Moving, a full-service moving and storage business. The first property, located at 10020 North Palafox Street in Pensacola, Florida, is approximately 180,000 square feet and sold in June of 2020. The second property is a smaller, 106,000-square-foot facility located at 1200 Ellis Road North in Jacksonville, Florida and sold in February of 2021. In both transactions, Stan Johnson Company’s Jimmy Ullrich represented the seller, a private equity group based in South Florida. A Salt Lake City, Utah-based investor, the Ninigret Group, purchased both assets.
“The deal terms for the Pensacola location were agreed to pre-COVID-19,” said Ullrich, Director at Stan Johnson Company with a focus on industrial investment sales. “Site inspections were conducted during the last weeks of pre-pandemic air travel, and the buyer stayed in the saddle, closing in one of the scariest weeks of the pandemic. Their courage and conviction earned the confidence of the seller and helped them to win the highly competitive bidding process for the Jacksonville asset.”
Both properties feature long-term double net master leases with sublease tenants that occupy a portion of the facilities.
“Despite the age of the buildings, their solid construction, good tenancies and location in growing and business-friendly markets will make them attractive long-term investments for our firm,” said Randy Abood, the owner of the Ninigret Group. “We were extremely impressed with Stan Johnson Company’s ability to facilitate the transactions despite turbulence in both the debt and equity markets.”