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First National Realty Partners Acquires 268,000-Square-Foot Shopping Center in Indianapolis

by Hayden Spiess

Indianapolis — First National Realty Partners (FNRP) has acquired Southern Plaza in Indianapolis for an undisclosed price. A 59,500-square-foot Kroger store anchors the 268,000-square-foot shopping center. A tenant at the center since 1990, Kroger recently updated its storefront and renovated the interior. Additional tenants at the property include Ross Dress for Less, Harbor Freight, Oak Street Health, Goodwill, Rue 21, Qdoba, Cosmo Prof, BMO Bank and Sally Beauty. John May of Prodigy Real Estate Group represented the undisclosed seller in the transaction.

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Company newsGeorgiaIndianaNews

Simon Agrees to Acquire 50 Percent Stake in Jamestown

by Hayden Spiess

Indianapolis and Atlanta — Simon has entered into an agreement whereby the REIT will purchase a 50 percent interest in Atlanta-based Jamestown, an owner of some of the most successful mixed-use developments in the country, such as Ponce City Market in Atlanta and Ghirardelli Square in San Francisco. Jamestown had $13 billion in assets under management as of June 30, 2022, with properties spanning the United States, Latin America and Europe. Terms of the purchase agreement were not disclosed. With this partnership, Jamestown will gain a partner with a broad …

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IndianaLeasingNews

COhatch, North High Brewing Open at Circle Centre Mall in Indianapolis

by Katie Sloan

Indianapolis — COhatch and North High Brewing have opened at Circle Centre Mall in Indianapolis. COhatch offers co-working spaces, private offices and meeting and event space. North High Brewing features a selection of craft beers as well as a food menu. This is the second location for the brewery in the Indianapolis market. JLL manages and leases Circle Centre, which spans more than 700,000 square feet.

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Greenfield-Market
IndianaInvestment salesNews

Hanley Investment Group Arranges Sale of Three Quick-Service Restaurants in Metro Indianapolis

by Hayden Spiess

Greenfield, Ind. — Dylan Mallory of Hanley Investment Group Real Estate Advisors, in collaboration with Jacque Haynes of Midland Atlantic Properties, has orchestrated the sales of three retail properties located in Greenfield, approximately 25 miles east of downtown Indianapolis. All located on North State Street as part of the Greenfield Market development, the properties were acquired by separate 1031-exchange buyers in transactions totaling more than $9 million. Indianapolis-based Midland Atlantic Properties was the seller. The properties included a 2,616-square-foot Chipotle Mexican Grill, a 3,500-square-foot Panera Bread and a 4,500-square-foot Chick-fil-A. …

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Muncie-Marketplace
IndianaInvestment salesNews

JLL Arranges $14.6 Million Sale of Retail Center in Greater Indianapolis Area

by Hayden Spiess

Muncie, Ind. — JLL Capital Markets has arranged the $14.6 million sale of a 77,871-square-foot retail center, Muncie Marketplace. The center is located in Muncie, Indiana, roughly 57 miles northeast of Indianapolis and three miles from Ball State University. Amy Sands, Clinton Mitchell, Michael Nieder and Tim Murray of JLL arranged the disposition on behalf of the seller, AlbaneseCormier Holdings LLC. Built in 2014, Muncie Marketplace was fully leased at the time of sale to tenants including Dick’s Sporting Goods, Michaels, Five Below, McAlister’s Deli, Kay Jewelers and GameStop. War …

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IndianaInvestment salesNews

Marcus & Millichap Arranges $3.9 Million Sale of Retail Building in Mishawaka, Indiana

by Katie Sloan

Mishawaka, Ind. — Marcus & Millichap has arranged the $3.9 million sale of a 6,677-square-foot retail building in Mishawaka, a city in northern Indiana. Located at 5230 N. Main St., the property is home to Mission BBQ and Crumbl Cookies. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.

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DevelopmentIndianaMallsNews

Park Development to Redevelop Vacant Mall in Central Indiana

by Katie Sloan

Logansport, Ind. — Park Development has unveiled plans to redevelop the vacant Logansport Mall in central Indiana into an open-air retail center named The Junction. Built in 1968, the mall has sat largely vacant for the past decade. Design plans by GEA Architects call for nearly 160,000 square feet of retail space along with three outlots. The Junction is shadow anchored by a Walmart Supercenter and Home Depot. Existing tenants Dollar Tree and Dunham’s Sports will also remain. Planet Fitness opened a new location last spring, Harbor Freight Tools is …

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IndianaInvestment salesNews

Marcus & Millichap Arranges $3.9 Million Sale of Retail Property in Suburban Indianapolis

by Katie Sloan

Zionsville, Ind. — Marcus & Millichap has arranged the $3.9 million sale of Whitestown Parkway in Zionsville, a northwest suburb of Indianapolis. Built in 2018, the 11,332-square-foot retail property is home to five tenants. Alex Perez and Chris Garavaglia of Marcus & Millichap brokered the transaction. Both the buyer and seller were limited liability companies.

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FinanceGrocery-anchoredIndianaNews

BridgeCore Provides $2.6 Million Acquisition Financing for Vacant Grocery Property in Indianapolis

by Katie Sloan

Indianapolis — BridgeCore Capital has provided $2.6 million in acquisition financing for a vacant, single-tenant retail property located in Indianapolis. The asset was formerly occupied by an undisclosed grocery tenant. The financing features an 8.5 percent fixed interest rate, with a 12-month term at a 70 percent loan-to-purchase price. The borrower in the transaction was not released. 

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ColoradoFloridaGrocery-anchoredIndianaInvestment salesNews

IPA Secures $62.4 Million Acquisition Financing for Six-Property Grocery-Anchored Retail Portfolio

by Katie Sloan

Florida, Colorado and Indiana — Institutional Property Advisors (IPA) has secured $62.4 million in acquisition financing for a six-property portfolio of grocery-anchored retail centers in Florida, Colorado and Indiana. Sunny Sajnani and Todd McNeill of IPA worked on behalf of the borrower, Essential Growth Properties, to place the five-year, fixed-rate, non-resource financing through three separate lenders. The portfolio includes Gainesville Shopping Center in Gainesville, Florida; Cheyenne Meadows Shopping Center in Colorado Springs, Colorado; Woodlands Crossing in Elkhart, Indiana; Plymouth Plaza in Plymouth, Indiana; Crawfordsville Square in Crawfordsville, Indiana; and Auburn Plaza, …

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