Stan Johnson Company has completed the sale of a four-building industrial portfolio across three rural Iowa markets. Located at 408 and 411 Maplewood Avenue in Williamsburg, Iowa; 403 S. 8th St. in Montezuma, Iowa; and 1951 A Avenue in Victor, Iowa, the portfolio totaled nearly 684,000 square feet and was leased to a subsidiary of Magna International Inc.
The facilities were sold by Granite REIT, a Toronto, Ontario-based publicly traded real estate investment trust, which was exclusively represented by Stan Johnson Company’s Rob Gemerchak and Jeff Hughes.
“The transaction illustrates that there remains an active investor market for single-tenant net lease industrial portfolio opportunities in small to mid-sized markets across the Midwest,” said Gemerchak, director in Stan Johnson Company’s Toledo office.
The buyer, GMS Equities, was an individual investor based in New Rochelle, New York. The portfolio transaction closed for $16.9 million. The cap rate was not disclosed.
