Marcus & Millichap Real Estate Investment Services sold a 4,775-square-foot retail center made up of a GNC and T-Mobile in Indianapolis for more than $1.2 million.
Preet Sabharwal, senior associate, and Britt Raymond, associate, both in Marcus & Millichap’s Manhattan office, and Jordan Klink, senior associate, in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, a Connecticut-based developer. The buyer, a New York-based private investor, was also secured and represented by Sabharwal, Raymond and Klink.
“The transaction signifies a global hunt for yield. The purchaser was able to assume the risk of short-term corporate leases because they attained above a 9.50 percent return,” said Sabharwal in a written statement. “The tenants have less than two years remaining on their leases. The purchaser believed in the strength of the market and the health ratios of the tenants at the unit level.”
