Avison Young has completed the $1.45 million acquisition of an off-market single-tenant restaurant property occupied by Steak ‘N Shake at 6208 Cambridge Way in Plainfield, Indiana.
Avison Young associate Matthew Spear and principal Hayden Eaves, who are both based in the company’s downtown Los Angeles office, represented the all-cash private buyer from Westlake Village, California, who was in a 1031 exchange. The seller was a private investor from Indiana.
Built in 1996, the 3,414-square-foot property has about five years left on its corporate-guaranteed lease as the restaurant chain recently exercised an early lease extension.
The property is located in the greater Indianapolis market and features high visibility from both Highway 267 and I-70.
