Highland, Ind. — Mid-America Real Estate Corp. has negotiated the sale of Highland Grove, a 312,406-square-foot shopping center in Highland, a suburb of Indianapolis. The sales price was undisclosed. Tenants at the property, which was fully leased at the time of sale, include Kohl’s, Burlington, Macy’s, Michaels, Petco, Ulta Beauty, Five Below, Famous Footwear, Potbelly, Torrid and Olive Garden. Target, Best Buy and Ashley Furniture shadow anchor the property. Ben Wineman, Joe Girardi and Rick Drogosz of Mid-America represented the undisclosed seller. Bridge33 Capital was the buyer.
Company newsDelawareIndianaInvestment salesKentuckyMarylandMichiganNew YorkNewsOhioPennsylvaniaRestaurantsVirginia
Necessity Retail REIT Sells 44 Bob Evans-Leased Properties for $93 Million
New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL.
Indianapolis — Northmarq has arranged the acquisition of Clearwater Springs Shopping Center, a 132,156-square-foot retail center located in Indianapolis. ALDI, Haverty’s Furniture and Michaels anchor the property, which is situated on 34.5 acres. Other tenants at the center include Starbucks Coffee, Athletico, David’s Bridal and AT&T. Blaise Bennett of Northmarq represented the Ohio-based buyer in the transaction. Wes Podell of Podell Partners represented the undisclosed seller.
Avon, Ind. — SRS Real Estate Partners has arranged the $2.6 million ground lease sale of a 7,000-square-foot restaurant property in Avon, about 13 miles west of Indianapolis. Bubba’s 33 occupies the newly constructed property on a 15-year triple-net lease that is corporate guaranteed by parent company Texas Roadhouse Inc. Founded in 2013, Bubba’s 33 is an expanding sister brand of Texas Roadhouse. Morgan Merrill and Sarah Shanks of SRS represented the seller, Texas Roadhouse Inc. A California-based private investor was the buyer.
Philadelphia — Five Below is set to open stores at seven Simon-owned properties. Scheduled to open this year, the stores will include locations at Albertville Premium Outlets in Albertville, Minnesota; Pleasant Prairie Premium Outlets in Prairie, Wisconsin; Johnson Creek Premium Outlets in Johnson Creek, Wisconsin; Gaffney Outlet Marketplace in Gaffney, South Carolina; Indiana Premium Outlets in Edinburgh, Indiana; Pismo Beach Premium Outlets in Pismo Beach, California; and Pocono Premium Outlets in Tannersville, Pennsylvania. “Our relationship with Simon is core to continuing our national expansion efforts,” says George Hill, chief retail …
Warsaw, Ind. — JLL Capital Markets has arranged the sale of Warsaw Commons, an 87,858-square-foot shopping center in Warsaw, roughly 40 miles northwest of Fort Wayne. Built in 2012, the property was fully leased at the time of sale to tenants including TJ Maxx, PetSmart, Ulta Beauty, Dollar Tree and Shoe Carnival. Michael Nieder of JLL represented the seller, IRC Retail Centers. Nate Monson and Brandon Goodman of Colliers represented the buyer, The Lofts at 5 Points LLC.
Fort Wayne, Ind. — Marcus & Millichap has brokered the $3.2 million sale of a 9,500-square-foot freestanding restaurant property in Fort Wayne. Biaggi’s Ristorante Italiano occupies the building, which was constructed as a build-to-suit for the restaurant in 2001, on a net-lease basis. Damien Yoder and Madison Harman of Marcus & Millichap’s Yoder-Harman Group represented the seller, a California-based family trust. An in-state lender provided acquisition financing on behalf of the buyer, an Indiana-based family office. Biaggi’s operates 16 restaurants in eight states. There are six years remaining on its …
Plymouth, Ind. — Friedman Real Estate has brokered the sale of Plymouth Plaza in Plymouth, a city in northern Indiana. The new owner plans to repurpose the 60,000-square-foot retail center into a mixed-use development featuring both retail and self-storage space. Steven Silverman and Ryan Wilner of Friedman represented both the buyer and seller in the transaction.
Portage, Ind. — Marcus & Millichap has brokered the $4 million sale of Diamond Plaza, a 26,524-square-foot retail property in Portage. Tarek Chbeir of Marcus & Millichap secured and represented the buyer, a private investor. Josh Caruana, broker of record in Indiana, assisted in closing the transaction.
Fort Wayne, Ind. — Home décor retailer At Home is opening a new store at 4120 Illinois Road in Fort Wayne. This opening marks 262 total stores across 40 states for the brand, which offers merchandise including furniture, mirrors, rugs and seasonal décor with collections from designers such as Laila Ali, Tracey Boyd, Willow Crossley, Grace Mitchell and Ty Pennington.