Greenfield-Market_combo

HANLEY INVESMENT GROUP CLOSES PRE-SALES OF THREE DRIVE-THROUGH RESTAURANTS TO INDIANAPOLIS-AREA SHOPPING CENTER

Hanley Investment Group Real Estate Advisors arranged the pre-sales of three high-profile, single-tenant quick-service drive-thru restaurants pads to a Home Depot and Kohl’s-anchored shopping center in the Indianapolis metro area.

The transactions consisted of a Chipotle Mexican Grill, Panera Bread and a Chick-fil-A ground lease in Greenfield, Indiana, and were sold to three separate out-of-state 1031 exchange buyers. The combined value of the transactions totaled more than $9 million and achieved record-low cap rates.

Hanley Investment Group’s Vice President Dylan Mallory and Midland Atlantic Properties’ Senior Associate Jacque Haynes represented the seller and developer, Indianapolis-based Midland Atlantic Properties, in all three transactions. The properties were located 25 miles east of downtown Indianapolis at the intersection of Interstate 70 and State Road 9 in Greenfield, Indiana.

In the first transaction, a 2,616-square-foot single-tenant Chipotle Mexican Grill located at 2165 N. State St., was purchased by a private investor based in Simi Valley, California. The Chipotle featured a mobile order drive-thru “Chipotlane” and was the first to open at the property in early July. The sale price was $2.96 million, which represents a cap rate of 4.35%. The buyer was represented by David Leibowitz of IREA Inc. in Encino, California.

In the second transaction, a 3,500-square-foot single-tenant Panera Bread located at 2173 N. State St. was purchased by a private investor based in Hillsborough, California. The Panera location featured its new ‘Next Generation Café’ format that has two individual drive-thru lanes. The sale price was $2.935 million, representing a 4.65% cap rate. The buyer was represented by Jeff Ida and Doug Ogard of Marcus & Millichap in San Francisco.

In the third transaction, a 4,500-square foot single-tenant Chick-fil-A ground lease located at 2203 N. State St. was purchased by a private investor based in Dallas, Texas. The sale price was $3.15 million, representing a 3.65% cap rate. The buyer was self-represented.

The three individual quick-service restaurants are a part of a new development known as Greenfield Market. Greenfield Market is located along N. State Street, Greenfield’s primary retail corridor, and sits as a pad to a large Home Depot and Kohl’s anchored center. Additional nearby retailers include Walmart Supercenter, PetSmart, Tractor Supply Co., Starbucks, Panda Express, Kroger, Popeye’s, Buffalo Wild Wings, Sherwin Williams, Cracker Barrell and Anytime Fitness, among others.

— Dylan Mallory is a vice president with Hanley Investment Group Real Estate Advisors.

This article was originally published in ReJournals in September, 2022. 

Scroll to Top

Join Our Mailing List for New Deal Alerts