Indianapolis, IN (June 22, 2021) – 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. Situated on 1.17 acres at 3015 W. 16th Street in Indianapolis, IN, 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.
“Long-term leased quick service restaurants like this one have been elevated to a new level of investor interest since the pandemic because they are considered essential and offer customers a drive-thru option as well as app-based ordering choices for easy, low-contact sales,” said Roberts. “This record-setting low cap rate provides testimony to this trend as buyers put in their best offers, knowing there is increased competition.”
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.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.