Stan Johnson Company has completed the sale of a freestanding retail building located at 3569 Northwest Centre Drive in Fort Worth. The 16,000-square-foot property was built in 2020, and it is fully leased to Harbor Freight Tools.
Stan Johnson Company’s Mike Sladich, Joey Odom, Maggie Holmes and Mollie Alteri represented the seller, a developer based in South Carolina. Jimmy Ullrich of Stan Johnson Company represented the South Florida 1031 exchange buyer. The property traded at a 5.90 percent cap rate for nearly $6 million.
“Harbor Freight Tools is a rapidly expanding tenant that has thrived during COVID-19, and this sale sets another benchmark for ‘essential retail’ cap rates,” said Sladich, senior director and partner in Stan Johnson Company’s Atlanta office. “We have continued to receive significant demand from buyers for this sector and expect cap rates to remain aggressive.”
The property was built on 1.62 acres and opened in summer 2020. It features a long-term double net lease and is backed by a corporate guaranty.