Value Add Opportunity – Below Market Rent – This investment property provides an investor with the opportunity to add value by resetting the Fischer Fish & Chicken lease from a gross lease to a triple-net (NNN) lease at a market rent of $25 per square foot. There are only 15 months remaining on the Fischer Fish & Chicken lease, which has no renewal options. Due to the Property’s optional location and frontage along Michigan Road, there has been significant interest from national tenants at a market lease rate of $25-$26 per square foot. At the current purchase price, that provides an investor with a pro-forma cap rate of roughly 8.72%.
100% Leased Retail Center – Thriving Retail Trade Area – The subject property is 100% leased to two tenants, ATI Physical Therapy and Fisher Fish & Chicken. ATI is a nationally-recognized rehabilitation provider with over 600 clinics in 24 states nationwide. Fisher Fish & Chicken is a quick service restaurant with five locations throughout Indiana and Ohio. The property is located in a thriving retail trade area, with nearby neighbors including McDonald’s, Circle K, Walgreens, Walmart Neighborhood Market, Starbucks, Pizza Hut, Speedway, Family Dollar, and more.
Hard Corner Signalized Location – Good Visibility & Access – Kessler Pointe is strategically located on the signalized intersection of N. Michigan Road and Kessler Blvd W Drive, offering excellent visibility to approximately 39,000+ vehicles per day and easy left turn and right turn access.
Pride of Ownership Asset – Attractive Construction – Pylon Signage – The property offers attractive construction, plentiful parking, and dominant building and pylon signage.
Excellent Demographics, Household Incomes – Dense Residential Area – The surrounding area offers excellent demographics, with over 87,000 people and nearly 35,000 households within a 3-mile radius of the subject property with an average household income of over $81,426.
Proximity to Downtown Indianapolis – Transportation & Logistics Hub – The center is located approximately 7 miles north of downtown Indianapolis, the capital and largest city in Indiana. It is the second-largest city in the Midwest and the 15th most populous in the United States. Indianapolis is a transportation and logistics hub, as more interstates intersect through the city than in any other in the U.S. The Indianapolis International Airport has been named the “Best Airport in North America” in 2015, 2014, 2013, 2012, and 2010, and is home to the second-largest FedEx Express hub in the world.