Greenwood, IN – Lee & Associates, one of the largest national commercial real estate firms, has completed the $2,100,000 sale of a newly constructed retail building occupied by Bank of America. The approximately 4,050-square foot retail building, completed in July this year, is located at 649 State Road 135 in Greenwood, Indiana (Indianapolis MSA).
Bank of America’s new 15-year Absolute NNN ground lease commenced in January 2020 and features 10% rent increases every five years in the Primary Term and (6) 5-year Options, providing an investor with a strong credit passive income stream with rent growth.
This location will be a “HUB” location for Bank of America and will contain a Merrill Lynch Wealth Management Division, offering customers more than just your standard bank branch offerings for consumer banking. Due to the additional employees and services offered at this location, the subject property boasts a new and efficient prototype building design for Bank of America complete with 3 drive through lanes.
The subject property is located within the affluent White River Township and pulls consumers from both Center Grove, IN (home of the highly sought-after Center Grove school system) and Greenwood, IN. As a bedroom community for Indianapolis, Greenwood is one of Indiana’s fastest-growing cities. Cummins Corporation recently announced its decision to locate its new $35 million digital and information technology hub in Greenwood, underscoring the area’s growing employment base.
Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County, and Scot Courtney of Lee & Associates – Indianapolis represented the Seller, SFS Real Estate LLC and were able to generate multiple offers from all over the country.
The buyer, EZ Land Indiana, LLC, represented by Alan Fruitman with 1031Tax.com, was a private East Coast investor who obtained attractive financing to close escrow in 60 days.
Barr & Bennett Net Leased Investment Group, a team within Lee & Associates-North San Diego County, specializes in the acquisition and disposition of net leased assets nationwide.
ABOUT LEE & ASSOCIATES
Lee & Associates is a commercial real estate brokerage, management, and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment, and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.