SRS Real Estate Partners’ National Net Lease Group has negotiated the $3.103 million sale of Carey Road Center, a 13,043-square-foot multi-tenant retail property at 3249-IN-32 in Westfield, Indiana.
SRS National Net Lease Group’s First Vice Presidents Michael Carter and Frank Rogers out of the Detroit office represented the seller, a private developer based in Indianapolis. The buyer, a private 1031 exchange investor based in Indianapolis, was represented by Dylan Mallory of Hanley Investment Group. The closing cap rate was 7 percent.
“This property is fully occupied and has all tenants on triple net leases which provide limited landlord responsibilities. The asset has below-market rents, with all the tenants current on their rents at the time of closing,” said Carter. “The all-cash buyer was procured via the SRS NNLG marketing platform and the entire process occurred within 30 days of the executed contract.”
Built in 2007 and situated on 1.86 acres, the property is 100 percent occupied by four tenants including Anytime Fitness and Little Caesars Pizza. Carey Road Center is directly off Westfield Road and is approximately 1.5 miles east of U.S. Highway 31. The center is adjacent to Westfield Marketplace, a 67,600-sf Kroger-anchored center and across the street from Lincoln Square, a 38,800-square-foot retail center.