Hanley Investment Group Real Estate Advisors completed the sale of a newly constructed, absolute net ground lease Burger King in the northern Indianapolis suburb of Westfield, Indiana.
The sale price was $2.4 million, which represented a 5 percent cap rate, the lowest cap rate for a single-tenant Burger King in the state of Indiana.
Hanley Investment Group’s Dylan Mallory represented the Indianapolis-based seller and developer, Midland Atlantic Properties. Ryan Chakroff, of Marcus & Millichap in Denver, represented the buyer, a private investor also based in Denver.
Located at 819 East State Road 32 in Westfield, Indiana, the 3,235-square-foot Burger King sits on 1.33 acres and is a part of Monon Crossing, a new multi-tenant retail development.
Mallory said that Hanley procured seven offers during the marketing proccess, including a full-price offer within the first 24 hours.