Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of two Fresh Thyme Market grocery stores in suburban Indianapolis, Indiana. Located at 11481 East 116th Street in Fishers, Indiana and 3400 East 146th Street in Carmel, Indiana, the freestanding properties are approximately 28,600 square feet each. The seller was a Chicago, Illinois-based private equity fund, and the buyer was a private equity fund with headquarters in Mexico City. Together, the assets traded for approximately $18.7 million. Mark Lovering of Northmarq represented both parties in the transaction.
“Due to the extensive reach of our net lease marketing platform, we were able to sell these assets to a repeat international buyer before ever having to market broadly,” said Lovering, Associate Director in Northmarq’s Chicago, Illinois office. “Investment demand for grocery assets remains at an all-time high, and inflationary pressures are likely to further insulate the underlying values over the investment horizon.”
Fresh Thyme Market is a specialty grocer with more than 70 locations across the Midwest. The tenants operate on long-term net leases at both locations, and both stores draw consumers from outstanding demographics and growing populations across the north and northeast suburbs of Indianapolis.
“Both locations were encumbered by separate CMBS loans, which added several layers of challenges to get these deals completed,” added Lovering. “A lot of credit goes to the buyer and seller. They were both highly organized and remained steadfast throughout a lengthy negotiation process with the special servicers and CCRs.”