Stan Johnson Company has announced the recent sale of the Ker’s Wing House Portfolio in Central Florida. STORE Capital acquired the 89,282 square foot, 14-property retail portfolio for approximately $28 million.
Joshua Pardue and his team were responsible for closing the transaction. Located on Madison Avenue in New York City, the team is led by industry veteran Joshua Pardue, Senior Director.
“We are pleased to be able to transact this portfolio at a strong cap rate for a restaurant concept in a challenged casual dining market. Part of the marketing process was analyzing the ’waitress only’ industry and explaining the narrative that these are as much entertainment as they are casual dining,” states Pardue. “The business and credit question about Wing House’s model is, where else can someone leave work, get food, beer, sports and socialize with a fun staff for $25 a ticket? Wing House has additional growth planned and will continue to capture market share in and around Florida. STORE Capital, a top national buyer of small to mid-cap credit, single-tenant, net lease properties, saw the value in the credit story and track record, and Third Lake Capital’s Professional Management Team was bullish on adding this credit to their portfolio.”
Pardue and his team of dedicated professionals focus exclusively on the valuation, capitalization, acquisition, and disposition of single-tenant, net lease investment properties. Pardue’s team, one of the founders of Stan Johnson Company’s New York City office, creates value for clients by specializing in small-cap company credit underwriting, equity raising and capitalization for new development, helping clients restructure leases to maximize value and focusing on complex transactions within the net lease marketplace.
Stan Johnson Company is a commercial real estate brokerage and advisory firms that focuses exclusively on net lease transactions involving retail, office, industrial, medical, and sale-leaseback properties. The firm provides acquisition, disposition, capital markets, and advisory services for institutions, developers, investment funds, and private investors across the United States.