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Avison Young announces $1.45 million acquisition of a single-tenant property occupied by Steak ‘N Shake restaurant in Plainfield, IN24 Mar 2020
Los Angeles, CA – Avison Young announced today it has completed the $1.45 million acquisition of an off-market single-tenant restaurant property occupied by Steak ‘N Shake located at 6208 Cambridge Way in Plainfield, IN.
Avison Young Associate Matthew Spear and Principal Hayden Eaves who are both based in the company’s downtown Los Angeles office, represented the all-cash private buyer from Westlake Village, CA who was in a 1031 exchange. The seller was a private investor from Indiana.
“This was an ideal acquisition for our client as he was trading out of a high-maintenance multifamily property in California and was looking for a passive, cash-flowing investment with no landlord responsibilities,” said Spear. “Steak ‘N Shake has been at this site for 22 years and it has been one of the chain’s top-performing locations.”
Built in 1996, the 3,414-square-foot (sf) property has approximately five years left on its corporate-guaranteed lease as the restaurant chain recently exercised an early lease extension. The property is located in the greater Indianapolis market and features high visibility from both Highway 267 and I-70. It is also proximate to Plainfield High School (1,636 students); a major industrial hub with more than 3 million square feet of buildings; and Indianapolis International Airport.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224