Tulsa-based Stan Johnson Company doesn’t have a Dallas office, but the firm’s road warrior/director Craig Tomlinson knows where all the best filling stations are along I-75. The firm may live on Tulsa Time, but it’s sold almost $1.5B worth of assets in Texas in more than 250 sales in the last four years. That value is spread between the Metroplex, Houston, and the rest of Texas, Craig tells us. The firm, which focuses exclusively on single tenant net lease sales, has locations in Tulsa, Oklahoma City, and Houston, with plans to expand this year to Atlanta, New York, New Jersey, Chicago, plus northern and southern California.
One of the firm’s recent deals was the $3M sale of Haverty’s Furniture in Lewisville. That price tag puts it on the upper edge of recent deals, Craig says. There’s a reasonable appetite for buying net lease assets, and sellers are becoming more realistic about values, he adds. They’re coming to the table now, but many owners still can’t deal because of issues with their lenders. Craig says deals $5M and less will pick up in volume this year because those transactions can get financing more easily. The father of two teenaged daughters, Craig is an ATM in his spare time.