2-Tenant Corporate-Backed Investment
50,233 SF | 100% Leased | Retail Building | Avon, IN 46123 | $10,800,000 ($215/SF) | 7% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $10,800,000
- Property Type
-
Retail
- Square Feet
- 50,233 SF
- Price / Square Foot
- $215
Listing Contacts
David Chasin
Verified Profile
Tony Veiller
Verified Profile
- Property Info
Property Overview
Pegasus Investments Real Estate Advisory Inc., as exclusive advisor to seller, is pleased to present the rare opportunity to purchase a strategically located, two-tenant net leased investment property spanning 50,000 square feet of GLA on a large, 5.24-acre lot in the extremely desirable Avon submarket of Indianapolis, Indiana (the “Property”). The Property is strategically located at the 50-year line of the region’s dynamic Rockville Road retail corridor, providing prime visibility to 45,000 vehicles per day. The corridor features major retail tenancy including Target, Walmart Supercenter, Lowe’s Home Improvement, Kroger Grocery and a newly developed 160,000 square foot Costco Wholesale anchored shopping center. Additionally, the Property is located at the signalized entrance of Raceway Plaza, a 100% occupied, 463,000 square foot shopping center anchored by a 205,000 square foot Meijer grocery store and a garden-center equipped, 160,000 square foot Menard’s home improvement store, both of which corporately own their own real estate.
The Property features credit rated, industry leading tenancy from Bob’s Discount Furniture (S&P: “B”), the #8 ranked furniture store in the U.S. per Forbes and PetSmart (S&P: B+), the largest pet supply company in the U.S. Each tenant is secured by long-term, corporate, 10-year and 12-year leases respectively, with scheduled rent increases throughout their lease terms.
The Property features credit rated, industry leading tenancy from Bob’s Discount Furniture (S&P: “B”), the #8 ranked furniture store in the U.S. per Forbes and PetSmart (S&P: B+), the largest pet supply company in the U.S. Each tenant is secured by long-term, corporate, 10-year and 12-year leases respectively, with scheduled rent increases throughout their lease terms.
Property Details
- Year Built/Renovated
- 2008/2024
- Stories
- 1
- Property Subtype
- Storefront
- Lot Size (sq. ft)
- 228,254 SF
Highlights
- Prime Location at the 50-Yard Line of one of the Most Highly Sought After Retail Corridors in Indianapolis
- Desirable Shopping Center Site at Entrance to 100% Occupied, 463,000 SF, Raceway Plaza Shopping Center
- Long-Term 10+ Year Leases - New 10-Year Lease & Recent 12-Year Extension Solidifies Tenants’ Commitment to Location
- #1 Midwest Metro Area for Net Migration & GDP Growth
- Zero Box Vacancy in Retail Corridor - 100% Occupancy for Retail Spaces of 20k SF or Greater in Corridor
- Long-Term Fungibility with 50,000 SF Building + Large 5.24-AC Parcel & Dedicated Parking Field
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