SRS Real Estate Partners Closes Sale of Popeyes Restaurant in Indianapolis for $ 1.25 Million

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SRS Real Estate PartnersNational Net Lease Group has completed the sale of a $ 1.25 million, 2,849-square-foot single-family home with driveway to Popeyes Louisiana Kitchen in Indianapolis.

Located on 1.17 acres at 3015 W. 16.th St. in Indianapolis, the property is sold at a price higher than the asking price. In addition, the deal set a historically low capitalization rate of 4.87 percent, based on payments for all simple fast food restaurants above $ 1 million in the Midwest. It was also the lowest recorded market cap for a Popeyes sale in 18 months, excluding California and Texas (according to CoStar).

Stephen Roberts and SRS National Net Lease Group Vice Presidents Michael Carter and Frank Rogers represented the seller, a private investor from California. Buyer participated in exchange 1031.

Built in 2001 and renovated in 2011, this hotel is a long term rental to Popeyes with a corporate guarantee. It is located at a busy intersection and a large pylon provides additional visibility. The hotel is adjacent to the Eagledale Plaza Shopping Center, as well as other national retail stores with heavy cross-traffic. It is also just 1 mile from the Indianapolis Motor Speedway, the largest sports venue in the world.

Since the onset of the COVID-19 crisis, the National Net Lease Group of the SRS (NNLG) has completed 673 transactions worth more than $ 2.5 billion. In addition, the group has approximately $ 654 million in LOI or escrow assets, as well as $ 1.5 billion in assets currently listed for sale. In 2020, NNLG successfully completed over 490 transactions in 44 states across the country.

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