Marcus & Millichap recently sold a Home Depot ground lease, a 133,868-square-foot net-leased property located in Lafayette, Ind. The asset sold for $5.835 million.
Craig Fuller, Scott Wiles and Erin Patton, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a limited liability company, was also secured and represented by Fuller, Wiles and Patton, in addition to Dustin Javitch. Josh Caruana, broker of record for Indiana, also assisted in this transaction.
The Home Depot ground lease is located at 311 Sagamore Parkway N in Lafayette. Home Depot has about 12 years of term left on its lease, which is corporately guaranteed. This asset commanded multiple offers because of the quality of the tenant and the below-market rent.