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Indiana Aldi Trades in 1031 Deal
Hanley Investment Group Real Estate Advisors arranged the sale of a newly-remodeled, single-tenant net-lease property occupied by Aldi in Mishawaka, IN. It sold for $3,795,000, representing a cap rate of 4.5%.
Hanley EVPs Jeff Lefko and Bill Asher and associate Dylan Mallory, in association with Midland Atlantic Properties, represented the 1031 exchange buyer, a private investor based in San Jose, CA. The seller, a private investor from Vero Beach, FL, represented himself.
“Single-tenant net-leased Aldi properties are extremely attractive to investors that can live with the low returns,” said Lefko. “Not only do they offer long term leases with fixed increases but the rents are almost always at or below market, giving the buyer comfort that their income is replaceable in the future.”
Originally built in 2007 and remodeled in 2019, the 20,000-square-foot 210 W. Douglas Rd. is located on a 2.34-acre outparcel to a Home Depot-anchored shopping center.
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- ◦Sale/Acquisition
