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QSR Pad Site Sales Set Indiana Cap Rate Records
Hanley Investment Group Real Estate Advisors arranged the pre-sales of three high-profile, single-tenant quick-service drive-thru restaurant 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, IN, 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 VP Dylan Mallory and Midland Atlantic Properties’ senior associate Jacque Haynes represented the seller and developer, Indianapolis-based Midland Atlantic Properties, in all three transactions.
“We executed a pre-sale marketing strategy for each of these new construction, popular fast-casual restaurants,” said Mallory. “All three transactions closed at the full asking price and achieved record-low cap rates for new construction quick-service restaurant deals in the state of Indiana.”
- ◦Sale/Acquisition

