Avison Young has brokered the sale of an 800-square-foot single-tenant retail building fully leased to Rally’s Restaurant at 1520 N. Shadeland Ave. in Indianapolis, Indiana.
Avison Young Principals Chris Maling and David Maling, who are both based in the company’s downtown Los Angeles office, represented the seller, a California-based family office. The buyer, a Texas-based private equity-group, was represented by C.S. Silver Company and was sourced by Avison Young’s listing team by marketing to single-tenant owners nationally.
The asset was sold at an 11 percent cap rate, as it was delivered vacant at the close of escrow. Rally’s has slightly less than seven years remaining on the corporate guaranteed lease and has plans to renovate and reopen the restaurant in the near future.
Situated on just over 0.8 acres of land, the property was built in 1996 and is well-located on a major commercial corridor with immediate access to interstate highways 70 and 465. The property is surrounded by other national retailers, including CVS Pharmacy, Wendy’s, McDonald’s and Starbucks.