By Ioana Neamt, Associate Editor
Local investment firm Stan Johnson Co. recently completed the sale of a two-building portfolio to Triple Net Acquisitions LLC, for $9.25 million. The portfolio consists of Victory Energy’s Class A corporate headquarters building in Collinsville, Okla., and a manufacturing and distribution facility in Cushing, Okla.
Both properties are located in the Tulsa metropolitan area and are leased to Victory Energy, a leading supplier of custom-engineered industrial boiler systems and HRSGs for the ethanol industry. The Collinsville-based company employs more than 300 people and has approximately 170,000 square feet of flex manufacturing space across two different facilities.
“Middle market industrial companies are growing quickly across the country, and their sector contains the best deals in the net lease market at the moment, if you can find one to buy,” Camille Renshaw, senior director of Stan Johnson, said in a statement. “Buyer demand is tremendous, regardless of the company’s credit profile,” she added. Renshaw represented the seller in the transaction.
According to Stan Johnson, leaseback proceeds from the sale will support Victory Energy’s plan to develop another facility encompassing around 101,000 square feet of space.
Image courtesy of Stan Johnson Co.