SRS Real Estate Partners’ National Net Lease Group has completed the $1.25 million sale of a 2,849-square-foot single-tenant property with drive-thru occupied by Popeyes Louisiana Kitchen in Indianapolis.
Situated on 1.17 acres at 3015 W. 16th St. in Indianapolis, the property sold above asking price. Additionally, the transaction set a historically record low cap rate of 4.87 percent based on all fee simple fast food restaurants above $1 million in the Midwest. It was also the lowest recorded cap rate for a Popeyes sale over the past 18 months excluding California and Texas (per CoStar records).
SRS’ National Net Lease Group’s Steven Roberts and Vice Presidents Michael Carter and Frank Rogers represented the seller, a private investor from California. The buyer was in a 1031 exchange.
Built in 2001 and remodeled in 2011, the property is long-term leased to Popeyes with a corporate guarantee. It is located on a highly trafficked intersection and a large pylon provides added visibility. The property is near Eagledale Plaza Shopping Center as well as a number other national retailers providing strong crossover traffic. It is also just one mile from the Indianapolis Motor Speedway, the world’s largest sports venue.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 673 transactions valued at over $2.5 billion. Additionally, the group has nearly $654 million of assets under LOI or in escrow and $1.5 billion in assets currently listed for sale. In 2020, the NNLG successfully completed more than 490 transactions, across 44 states nationwide.
