INDIANAPOLIS-Oak Brook Terrace, IL-based Mid-America Real Estate Group has partnered with locally based Sitehawk Retail Real Estate in a partnership for net lease investment sales and acquisitions in Indiana. Executives with the companies say the Midwest has become more attractive because pricing for quality properties is at a better price point than the rest of the country.
Bill Wright, VP at Mid-America, tells GlobeSt.com that his firm has offices in Minneapolis, Milwaukee and Detroit, but not in Indianapolis. He says he’s getting interest from national investors, particularly in California, who want to buy net lease assets in the state here. “Pricing in the Midwest is a little more in line with the reality of pricing should be,” Wright says. “We’re very pleased with the demand we’ve seen.”
The two firms have already sold two sites: A corporate Taco Bell in Muncie, and a new two-tenant strip center here. “More projects are in the works,” Wright says.
Scott Gray, principal with Sitehawk, said in a statement that Indiana’s stable economy, lack of new construction and tax-friendly policies are another reason for the demand. The policies “do not impose any transfer taxes, mortgage taxes or deed taxes on real estate investments,” he said.
Just the perks of the product type alone has increased interest from buyers across the country, Wright says. “They like the hands-off nature,” he says. “These are investors who aren’t necessarily real estate investors, they have other jobs. They want to own property, but they don’t want to deal with the headaches of typical ownership.”
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