Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has completed the sale of a newly constructed, absolute net ground lease Burger King in Westfield. The sale price was $2.4 million, which represented a 5 percent cap rate, the lowest cap rate for a single-tenant Burger King in the state of Indiana.
Hanley Investment Group’s Dylan Mallory represented the Indianapolis-based seller and developer, Midland Atlantic Properties. Ryan Chakroff, of Marcus & Millichap in Denver, represented the buyer, a private investor also based in Denver.
Located at 819 E. State Road 32 in Westfield, the 3,235 square-foot Burger King sits on 1.33 acres and is a part of Monon Crossing, a new multi-tenant retail development.
Mallory
“We procured seven offers during the marketing process including a full-priced offer within the first 24 hours,” said Mallory. “The entire transaction process – from marketing launch to close of escrow – was 45 days. This time period included resolving several issues caused by the Coronavirus pandemic.”
According to Mallory, the Burger King, at Monon Crossing, is scheduled to open this month and is operated by Carrols Restaurant Group. Carrols is one of largest restaurant franchisees in the US, operating more than 1,030 Burger King restaurants and over 60 Popeyes restaurants.
“Out-of-state investors were attracted to the growing affluent demographics of Westfield and Hamilton County,” Mallory said. “Quick service restaurants like Burger King can serve immediate needs and perform well in an economic downturn.”
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6+ billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit hanleyinvestment.com.