Detroit, Mich. (January 27, 2021) – SRS Real Estate Partners’ National Net Lease Group has announced the $3.103 million sale of Carey Road Center, a 13,043-square-foot multi-tenant retail property located at 3249-IN-32 in Westfield, IN.
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-sf retail center.
SRS’ National Net Lease Group experienced explosive growth in 2020, and plans to continue expansion of its teams across the country in 2021. Despite the COVID-19 crisis, SRS’ transaction volume was up 26 percent in 2020 year as compared to 2019. SRS’ National Net Lease Group and the western region of SRS’ Investment Properties Group successfully completed 534 transactions in 2020 valued at more than $1.9 billion. Additionally, the group has more than 500 individual assets under LOI or in escrow and $1.8 billion in assets currently listed for sale. The National Net Lease Group has more than 50 net lease professionals nationwide, all collaborating on one central platform, with leadership, underwriting, and marketing efforts strategically located in Southern California.
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’ 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.