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Sunrise Crossing | New Triple Net Box Center

2536 Michigan Road, Madison, IN, USA Map

Listing Price $17,080,000

Status Closed
Lease Type Absolute Net
Property Type Retail
CAP Rate 6.75%
GLA (Sq. Ft.) 120,868
NOI $1,152,925
Lease Term Remaining 10-15 Years
Increases Yes
Options Yes
State (BOR) IN
Broker of Record Josh Caruana
License # (BOR) RB14034355
Close Date Dec 19, 2024

Investment Highlights

View Property Tours
  • Recent Financing Quote | 10-Yr 60% LTV 6.55% Interest Only | 7.05% Pre-Tax Return Year 1
  • Subject is a Recently Constructed Prime 120,868 Square-Foot Neighborhood Center on an 11-Acre Lot | with Ample Parking, Pylon Signage, Easy Ingress/Egress, and Strategically Located on a Signalized Intersection
  • A Combination of Absolute NNN Leases and a Ground Lease with Kohl’s | Zero Landlord Responsibility
  • Well Established Retail Corridor | Nearby National Retailers Include: Kroger, Walmart, Wyndham, McDonald’s, Holiday Inn, Arby’s, Big Lots, Dollar General, Big O Tires, Walgreens, and Others
  • Affluent Bedroom Community with an Average Household Income of Over $68,000 within Five Miles of the Subject Asset, as of 2020
  • Robust Traffic Counts on Michigan Road (10,786 VPD) and Highway 62 (18,290 VPD) (Source: LandVision, CoStar, 2022)
  • Subject is 45 Miles from Louisville International Airport, Serving 4.2 Million Passengers Annually Subject is 40 Miles from Downtown Louisville with a Population of 619K and 55 Miles from Downtown Cincinnati with a Population of 303K
  • Parks and Outdoor Recreational Facilities Nearby Include: Clifty Falls State Park, Sunrise Golf Course, Hatcher Hill, Rivercrest Marina, Devil’s Backbone, and Only 45 Minutes Away From All the Amenities Louisville Has to Offer
  • Article: Sunrise Crossing Grand Opening

Investment Overview

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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