Indiana CarMax Ground Lease Trades to Realty Income
Gallelli Real Estate’s The Osborne Group has completed the sale of a single-tenant, triple-net ground lease of a CarMax Auto Superstore for $29 million. The two-building retail property totals approximately 55,536 square feet and is located within the Indianapolis submarket of Keystone Crossing in the city of Carmel, IN.
Robb Osborne, principal of The Osborne Group, said the seller, MAX 22, LLC, was motivated to capitalize on the recent trajectory of the used car market with the sale of the asset, which hosts automobile sales, service, and pre-sales reconditioning.
“The total supply of the used car market was up 27% in June compared to last year’s numbers, and projections echo continued high demand,” said Osborne.
Osborne’s team sourced Realty Income Corporation as the buyer. A net lease REIT specializing in freestanding, single-tenant properties, Realty Income was well versed in this product type, Osborne said.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).