Los Angeles, CA – Avison Young announced today it has completed the $1.45 million acquisition of an off-market single-tenant restaurant property occupied by Steak ‘N Shake located at 6208 Cambridge Way in Plainfield, IN.

Avison Young Associate Matthew Spear and Principal Hayden Eaves who are both based in the company’s downtown Los Angeles office, represented the all-cash private buyer from Westlake Village, CA who was in a 1031 exchange. The seller was a private investor from Indiana.

“This was an ideal acquisition for our client as he was trading out of a high-maintenance multifamily property in California and was looking for a passive, cash-flowing investment with no landlord responsibilities,” said Spear. “Steak ‘N Shake has been at this site for 22 years and it has been one of the chain’s top-performing locations.”

Built in 1996, the 3,414-square-foot (sf) property has approximately five years left on its corporate-guaranteed lease as the restaurant chain recently exercised an early lease extension. The property is located in the greater Indianapolis market and features high visibility from both Highway 267 and I-70. It is also proximate to Plainfield High School (1,636 students); a major industrial hub with more than 3 million square feet of buildings; and Indianapolis International Airport.