DENVER, CO – [August 12, 2019] – Blue West Capital has completed the sale of a single tenant net leased AutoZone ground lease property located at 5455 N Keystone Avenue in Indianapolis, IN for $1,155,000. Brandon Gayeski and Zach Wright represented the purchaser in the transaction; a Colorado-based high net worth investor in a 1031 exchange. The seller was a local developer.
AutoZone has operated at the 22,000 square foot property since 2005. The property is located along Keystone Avenue which is the primary north-south thoroughfare in the trade area and experiences traffic counts in excess of 36,000 vehicles per day. The AutoZone is strategically positioned across the street from a recently constructed 192,000 square foot Meijer grocery store.
AutoZone operates over 6,000 locations nationwide and is headquartered in Memphis, TN. AutoZone is an investment grade rated company with a Standard & Poor’s rating of BBB. AutoZone is publicly traded (NYSE: AZO) with a market capitalization in excess of $25 billion.
“The purchaser was particularly attracted to this property due to the low overall ground rent and upcoming rental increase,” said Brandon Gayeski, Associate. “The market for single tenant properties leased to investment grade companies remains robust.” added Zach Wright, Director of Net Lease Investment Sales.