A private investor based out of Wisconsin paid more than $1.6 million for the PNC Bank at 4030 S. East St. in Indianapolis.
Senior Vice President Jordan Klink and Associate Ben Sullivan of Marcus & Millichap’s The Klink Group were retained as exclusive advisor to market the property on behalf of the seller, a Michigan-based limited liability corporation. Agents out of Marcus & Millichap’s Phoenix office represented the buyer.
“Absolute triple-net ground leases backed by strong corporate companies continue to be attractive investment options for 1031 exchange investors throughout the country” states Klink.
The 4,935-square foot building sits on a 1.66-acre site shadow-anchored by Kroger and is 10 minutes south of downtown Indianapolis.
“We conducted an aggressive marketing campaign and yielded over 15 offers. Ultimately, we were able to secure an out-of-state 1031 exchange buyer who was comfortable with the underlying real estate fundamentals and the branch’s year-over-year deposit increases and ranking within the local and regional area” said Sullivan.