SRS Real Estate Partners brokered the $14.15 million portfolio sale of three single-tenant retail properties in Jefferson, Indiana.
The properties are all outparcels to Jefferson Town Center, a community center anchored by Hobby Lobby, Burlington, Petco, and TJ Maxx, that is also currently undergoing major new development. The three sold properties include Academy Sports+Outdoors, Chipotle, and 7 Brew Coffee.
SRS Capital Markets Vice Presidents Michael Carter and Frank Rogers who are based in Troy, MI, represented the seller, a local Indiana-based developer, as well as the single buyer, a California-based private investor.
Following are details on each sold property:
· Academy Sports+Outdoors is located at 1600 Veterans Parkway and is situated on 5.22 acres. Built in 2022, the 63,281-square-foot (sf) property has more than 13 years remaining on its corporate-guaranteed absolute triple net lease.
· Chipotle has a drive-thru and is located at 1620 Veterans Parkway. Built in 2023 and situated on .78 acres, the 2,325-sf property has a new 15-year corporate-guaranteed absolute triple net lease in place.
· 7 Brew Coffee is a drive-thru format and is located at 1626 Veterans Parkway. Built in 2023, the property totals 510 sf and is situated on .51 acres. It has a new, 10-year ground lease in place.
The properties are within a dense retail trade area. with surrounding retailers include Menards, Walmart Supercenter, Target, Lowe’s and PetSmart, among others, creating a strong crossover customer base.
