Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a freestanding retail property located at 5731 Bickett Street in Huntington Park, California. The 56,000-square-foot property is expected to be completed by developer Shane Companies in January 2023 and is fully leased to Target under a long-term triple net lease. Jason Maier of Stan Johnson Company represented the 1031 exchange buyer, a New York-based private investor, who acquired the asset for $48.7 million. Financing was provided by Principal Life.
“We know Target is extremely excited to get this site open, and we are proud to have been part of such a dynamic acquisition,” said Maier, Senior Director in Stan Johnson Company’s New York office. “Target searched long and hard to find a site suitable to serve the community of Huntington Park.”
Shane Companies started construction on the property in June 2022. Situated on 4.1 acres south of Los Angeles, this site will boast a brand new Starbucks, Tesla charging stations and the urban format needed for Target.
“We are excited to announce this acquisition on behalf of our client. This was a very challenging transaction from the beginning, and we are sincerely appreciative of the entire development team at Shane Companies, our lender Principal Life, the mortgage broker, David Horowitz, at Cooper Horowitz, and Jonathan Margolis, the buyer’s attorney, at Morrison Cohen LLP,” added Maier. “I would also like to give a special mention to my colleague Ashley Wilhide and the entire team at Stan Johnson Company. This was the kind of transaction that required extra attention and focus from start to finish. I want to personally thank each and every person involved in this transaction for their unwavering dedication and problem solving ability.”
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $45 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.
