Grocery Anchored | Absolute Net Ground Lease
1276 North Main Street
Crown Point, IN 46307
Sold Price: $623,230
Sold CAP Rate: 5.97%
Down Payment $646,780 (100%)
Net Operating Income $37,190
Gross Square Feet 1,210
Rentable Square Feet 1,210
Price/Square Foot $534.53
Rent/Square Foot $30.74
CAP Rate 5.75%
Parcel Size 0.40 Acres
Year Built 1981
Marcus & Millichap is pleased to exclusively present Centier Bank, an absolute net ground lease located in Crown Point, Indiana.
The Centier Bank building sits on a 0.40-acre outparcel of a 100,000-square foot shopping center. This outparcel provides great main street frontage plus the backdrop of a massive grocery center anchored by Jewel-Osco, which draws an enormous amount of traffic. The building also features a drive-thru with four lanes and a 24-hour ATM.
A new investor will realize quick and consistent upside with 2.5 percent annual rent bumps, providing a strong hedge against inflation. This ground-lease offers great returns with absolutely no landlord responsibilities. It also offers very favorable terms to the landlord, including a damage or destruction clause, which guarantees rent payments in the event of damage or destruction by fire or otherwise to the property. The lease is also corporately backed by Centier Bank.
Since 1895, over 120 years, the tenant, Centier Bank, has built a strong dependence with businesses and communities across Indiana. With 54 locations, Centier Bank serves more than 26 communities and has over $3.5 billion in assets, and $3 billion in deposits. At this location, branch deposits were over $62 million, which is annually trending upwards.
The subject property is strategically located in a dense residential area and retail corridor. In addition to sitting on the out-parcel to a major shopping center, the surrounding area is dense with national retailers.
The subject property provides an investor a great opportunity to acquire an absolute net ground lease backed by a reputable tenant in an ideal location.