State Street Net Lease Portfolio
2135 State Street, New Albany, IN, USA Map
Listing Price $9,561,577
| Status | Active |
| Lease Type | Double Net |
| Property Type | Retail |
| CAP Rate | 5.29% |
| GLA (Sq. Ft.) | 10,817 |
| NOI | $505,359 |
| Lease Term Remaining | 8 to 14 Years |
| Increases | 10% Every 5 Years |
| Options | 3-4 x 5 Years |
| State (BOR) | IN |
| Broker of Record | Josh Caruana |
| License # (BOR) | RB14034355 |
Investment Highlights
- Traditional Net Leases with Minimal Landlord Responsibility and Warranties, Chipotle has Under 13 Years Remaining, Panera has 8 Years Remaining, and Bank of America has Just Under 14 Years Remaining. All Lease Include 10% Rental Increases Every 5 Years with at Least 3 x 5-Year Options
- Incredible Tenant Mix – Chipotle (NYSE: CMG) Currently Features No Credit Rating as They Famously Have Never Carried Debt, Panera Bread is Owned by JAB Holdings, Who Currently Plans to Take the Company Public Over the Next Year, and Bank of America (NYSE: BAC) Currently Features an Investment Grade Credit Rating of A- from S&P
- Robust Traffic Counts on State Street (30k VPD) and Less than One-Half Mile from US-265 (70k VPD) and One Mile from US-64 (61k VPD) (Source: CoStar, 2022)
- Well Established State Street Retail Corridor | Nearby National Retailers Include: Target, Kroger, Home Depot, KFC, Arby’s, Five Guys, Chick-fil-A, Starbucks, Walgreens, CVS, Fairfield Inn, and Others | Subject Shares a Traffic Light with the Entrance to Kroger and Populates the Pad Adjacent to Target
- Thriving Community with an Average Household Income of Over $65K within Five Miles of the Subject Asset, as of 2023
- Parks and Outdoor Recreational Facilities Nearby Include: Churchill Downs, Louisville Zoo, Long Run Park, Valhalla Golf Club, Tom Sawyer State Park, Iceland Sports Complex, and More
- Subject is 6 Miles from Downtown Louisville Kentucky with a Population of 1,365,557
Investment Overview
Subjects are Newly Constructed Prime Retail Buildings Build-to-Suit for Chipotle, Panera Bread and Bank of America. A Total of 10,817 Sq. Ft. on a 2.4-Acre Lot with Ample Parking, Pylon Signage, Easy Ingress/Egress, and Strategically Located at a Signalized Intersection
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