Stan Johnson Company completed the sale of a single-tenant industrial facility leased to FedEx Ground in the Midwest.
The 217,323-square-foot property serves as a distribution center for the multinational company. Erik Lundberg of Stan Johnson Company represented the 1031 exchange buyer, an investor group based in New Jersey. The seller was a Texas-based developer. The asset sold for about $37 million.
The facility is newly built and replaced a smaller FedEx Ground warehouse. The 33-acre site is easily accessible to major highways, distribution centers and the community workforce. With a demand surge for FedEx services, this facility helps meet the need for the Midwest region.
