
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.
- ◦Sale/Acquisition