OAKBROOK TERRACE, ILL.—Mid-America Real Estate Corporation’s Net Lease Investment Group recently closed three net lease sales in Indiana. Two sales were for CVS Pharmacy buildings, one located in Indianapolis, the other in Portland. The third was for a Rally’s Hamburgers drive-in located in Kokomo, Ind. Mid-America represented the sellers in all three transactions.
Bill Wright, Tom Fritz and Mark Goldberg, of Mid-America Real Estate, in cooperation with Indiana-based Sitehawk Retail Real Estate exclusively represented the undisclosed sellers in all three transactions.
“These sales showcase the national market’s continued strong appetite for well-located, solid credit, single-tenant investments,” said Wright. “The Midwest continues to draw heavy interest from both east and west coast investors and this strong demand is helping produce maximum value for today’s sellers.”
In the two CVS Pharmacy transactions, 9.5 years remain on each double net lease. The property in Indianapolis is a 12,827-sq.-ft. freestanding CVS/Pharmacy located on 1.58 acres of land at the intersection of Geist Crossing Drive and Fall Creek Road. The buyer, a private investor from Connecticut, purchased the property for an undisclosed amount.
The CVS property in Portland, Ind., is a 10,529-sq.-ft., freestanding CVS/pharmacy on 1.08 acres of land on the northwest corner of Meridian and McNeil Streets in Portland, a northwest suburb of Indianapolis. The buyer is a private investor who purchased the property for an undisclosed amount.
The triple net lease for the drive-in Rally’s Hamburger location in Kokomo has more than 11 years remaining on the primary term. Situated on a .961-acre site at 401 Kentucky Drive, the building is approximately 1,000 sq. ft. The buyer, a private investor from California, purchased the property for an undisclosed amount.