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
- 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
