Indianapolis, Indiana – Indiana is the location for our Net Lease Properties news for the afternoon. The Net Lease Properties event surrounds triple net lease properties for 1031 Exchange replacement property. We saw that a 1031 Exchange was used for a net leased property with Arby’s as the net lease tenant. This Arby’s net lease property was developed in 2008 and is situated in Fort Wayne, Indiana.
This net leased property was marketed as an 8% Cap rate but sold for $2.13 million. This sales price comes to approximately $706 per square foot for the net lease investment. This net leased property is a single-story, 3,016 square-foot building. The net lease investment for this 1031 exchange, has approximately 18 years remaining on its 20-year lease. The net lease investment is positioned in Allen County.
This net leased property sits at Orchard Crossing in Fort Wayne. The retail power center, Orchard Crossing, is anchored by Target and Gordmans. The Retail Shopping Center is located at Fort Wayne’s primary retail intersection at the northwest corner of Illinois and Thomas Road. The Retail Shopping Center, with Arby’s, is located across the street from Jefferson Pointe, a lifestyle center that is approximately 600,179 square feet. Also across the street is Apple Glen Crossing, a retail power center.
This Net Lease Investment is situated in southwest Fort Wayne which is experiencing strong growth. This growth is especially growing with the middle & upper income groups. These Retail Net Lease Shopping Centers, Apple Glen Crossing, and Jefferson Pointe Mall, help to form the retail district for this metropolitan area. Some of the Major tenants include Best Buy, Dick’s Sporting Goods, Ethan Allen, PetSmart and Shoe Carnival.
This Arby’s net leased property and the retail shopping center benefit from a high density, residential area, which owns a five mile population of over 410,599 people. The Indiana Arby’s net lease investment is in an area with a median household income of approximately $48,511 per year. Many of our NNN Commercial Real Estate Investors want Walgreen’s, Arby’s, and CVS triple net leased properties in major metropolitan areas. These investors include high net worth individuals, REIT’s (real estate investment trust), and Joint Venture Investment Groups seeking single tenant (STNL) triple net lease properties.
Thompson Thrift Development, Inc. sold this Arby’s net leased property for $2.13 million to Primo Maggio LLC & Oates Creek LLC. This net leased property purchased by Primo Maggio LLC & Oates Creek LLC is located at 4728 Illinois Road in Fort Wayne, Indiana. The net leased property has the Indiana 46804 zip code. The net leased property is a 1031 Exchange replacement property for a tax-deferred transaction involved with a Mississippi Pizza Hut property.
The Triple Net Lease Property investor is in an excellent position to see exceptional returns. The Absolute NNN Lease, with a Corporate guarantee, has 5-year renewal options. The Triple Net Leased Property has the Tenant paying commercial real estate taxes and all property expenses. Some of the other nearby retail properties are Super Wal-Mart, Lowes, Old Navy and Staples. The Car Per Day Traffic counts (VPD) have been reported to exceed 31,000 on this heavily traveled retail district.
Now our second portion of Net Lease Properties news is from St. Paul, Minnesota. The Twin Cities, St, Paula and Minneapolis have limited land remaining for developing Triple Net Leased Properties. This can mean a rising demand and increasing prices for the current inventory. A 1031 exchange buyer purchased a Triple Net Leased Property with Walgreen’s as Tenant. The 1031 Exchange transaction was a single tenant net lease property (STNL) which is situated in St. Paul. The triple net leased property sold for approximately $5.9 Million. The Triple Net Leased Property is a 14,467 square foot building that is situated on an approximate 1.19 acre net lease site.
This NNN lease property is 100% leased on a long term basis. This Tenant, Walgreen’s, is one of the NNN Commercial Real Estate Investors most desired situations. The 1031 exchange property buyer was a private family trust which is based in California. The Triple Net Leased Property seller was a Midwest Walgreen’s NNN commercial real estate developer.
The Deerfield, Ill.-based Walgreen Co. has purchased Snyder’s Drug Stores. Snyder’s Drug Stores will cease to operate as a company, as Walgreen’s will buy the 25 company-owned Snyder’s stores. Some of the Snyder’s Drug Stores will be shut down and the prescription files of retail customers are transferred to nearby Walgreen’s. Snyder’s Drug Stores was founded back in the year 1928 by Max Snyder. It started as a cigar store in downtown Minneapolis.
Feel free to Contact us to sell or purchase various Net Lease Properties. If you are in need of funding for a Net Leased Property, Loanrise.com can assist you with CTL Financing or Commercial Loans.