The Boulder Group Arranges Sale of Net Leased Arby's Within The Indianapolis MSA

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Arby's restaurant located at 954 East Main Street in Greenwood, Indiana for $1,075,000. The 3,074-square-foot Arby's property sits on 0.72 acres in the Indianapolis-Carmel-Greenwood Metropolitan Statistical Area, one of the largest metro areas in the Midwest.
The Arby's property at 954 East Main Street in Greenwood, Indiana is positioned near the signalized intersection of East Main Street and Emerson Avenue. East Main Street carries approximately 28,000 vehicles per day. Emerson Avenue carries approximately 17,000 vehicles per day. The combined traffic count at the intersection exceeds 45,000 vehicles per day. The property is located just one-half mile west of Interstate 65, a major north-south corridor that carries approximately 98,000 vehicles per day and provides direct access to downtown Indianapolis. Neighboring nationally recognized retailers include Sam's Club, Camping World, Starbucks, McDonald's, Circle K, Taco Bell, Waffle House, Ulta Beauty, Chase Bank, and Wendy's. The trade area east of Interstate 65 features a significant industrial employment cluster with major employers including Amazon, FedEx, Milwaukee Tools, Wurth, Dayton Freight, Amcor, Nestle, Toyota Tsusho Corporation, and Bimbo Bakeries. More than 159,000 residents live within a five-mile radius of the Arby's in Greenwood, Indiana. The average household income within five miles exceeds $109,000. The average household income within three miles is approximately $100,000. The Indianapolis-Carmel-Greenwood MSA ranks 33rd in the United States by population, with approximately 2.17 million residents. Greenwood is located in Johnson County, Indiana, and had a population of approximately 63,830 as of the 2020 census, with estimates projecting approximately 68,000 residents by 2025. Sage Run, a future single-family residential housing development by Pulte Homes, is located approximately three miles northeast of the property, serving as an additional demand catalyst for the Greenwood, Indiana trade area. The Indy South Greenwood Airport is situated adjacent to the property.

Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a Midwest-based investor. The buyer was a Midwest-based real estate firm.

The lease on the Arby's property at 954 East Main Street in Greenwood, Indiana is structured as an absolute triple net lease, presenting zero landlord responsibilities. The lease expires on December 9, 2031, leaving approximately six years of remaining term. The tenant, Turbo Restaurants US, LLC, has four 5-year renewal options extending the potential lease term through 2051. Rental escalations of 6.5% occur every five years, with the next scheduled increase occurring in December 2026. The restaurant has operated at this location since 1990, and a 15-year lease extension was executed in 2016, demonstrating the tenant's long-term commitment to the site.

Arby's is an American quick-service restaurant chain headquartered in Atlanta, Georgia and originally founded in 1964 in Boardman, Ohio. The brand is known for its roast beef sandwiches, curly fries, and protein-focused menu offerings. Arby's currently operates more than 3,600 locations worldwide. The Greenwood, Indiana location is operated by Turbo Restaurants US, LLC, a subsidiary of Sun Holdings, which is one of the largest multi-brand franchise operators in the United States. Sun Holdings owns and operates more than 1,800 restaurant locations across 27 states, spanning a diverse portfolio of nationally recognized quick-service and fast-casual brands. Turbo Restaurants specifically operates 223 Arby's locations nationwide, emphasizing long-term ownership and operational scale across its restaurant portfolio.

"Net leased quick-service restaurant properties with absolute NNN lease structures continue to attract strong investor interest due to their passive income characteristics and zero landlord management responsibilities," said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, "The Arby's property in Greenwood, Indiana benefited from its high-traffic location near the intersection of East Main Street and Emerson Avenue, its proximity to Interstate 65, and the significant industrial employment base east of the interstate, all of which generated strong buyer interest." John Feeney, Senior Vice President of The Boulder Group, noted, "The buyer was attracted to the absolute triple net lease structure with scheduled 6.5% rental escalations and the property's established 35-year operating history at the site, providing confidence in the long-term viability of the investment."

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $11 billion of single tenant net lease real estate transactions. From 2013-2025, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both CoStar and MSCI Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.

www.bouldergroup.com [https://www.bouldergroup.com/]

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