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Shoppes at Perry Crossing
FinanceIndianaNews

Parkview Financial Provides $34 Million Bridge Loan for Lifestyle Center in Suburban Indianapolis

by Julia Sanders

Plainfield, Ind. — Parkview Financial has provided a $34 million bridge loan for the refinancing and repositioning of Shops at Perry Crossing in Plainfield, a southwest suburb of Indianapolis. Built in 2006 and located at 2499 Futura Parkway, the lifestyle center spans 600,000 square feet. It is home to 40 tenants, including JC Penney, Dick’s Sporting Goods, AMC Theaters, H&M, DSW and Old Navy. The property suffered tenancy issues as a result of the pandemic and fell into receivership. However, Poag Shopping Centers was able to regain ownership and plans …

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Miramar Square
Company newsIllinoisIndianaNews

Kite Realty, RPAI Enter Into $7.5 Billion Merger Agreement to Create New Shopping Center REIT

by Julia Sanders

Indianapolis and Chicago — Kite Realty Group Trust (NYSE: KRG) and Retail Properties of America (NYSE: RPAI) have entered into a merger agreement valued at $7.5 billion that will create a new shopping center REIT with a portfolio of 185 assets totaling approximately 32 million gross leasable square feet. Under the terms of the deal, which is expected to close in the fourth quarter, a subsidiary of Indianapolis-based KRG will acquire Chicago-based RPAI in an all-stock transaction. The $7.5 billion valuation puts the newly formed company in the top five …

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Lake Park Plaza
IndianaInvestment salesNews

Hanley Investment Group Arranges Sale of 114,867-Square-Foot Center in Michigan City, Indiana

by Julia Sanders

Michigan City, Ind. — Hanley Investment Group has arranged the sale of Lake Park Plaza, a 114,867-square-foot, Hobby Lobby-anchored shopping center in Michigan City. The sales price was not disclosed, but the property was listed for $6.3 million. Eric Wohl and CJ Kiehler of Hanley Investment Group, in association with ParaSell Inc., represented the seller, RCG Ventures. The buyer was a private investment company based near Miami. Lake Park Plaza is located less than 60 miles from Chicago and is situated on 20.8 acres at 4303-4361 Franklin St. in Indiana’s …

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IndianaInvestment salesNews

Slate Grocery REIT Acquires Indianapolis Shopping Center for $8.5 Million

by Julia Sanders

Indianapolis — Slate Grocery REIT has acquired Glenlake Plaza in Indianapolis for $8.5 million. Concurrent with the acquisition, the REIT has secured a new long-term lease with the property’s anchor tenant, Kroger, for 15 years. The shopping center spans 104,679 square feet of gross leasable area and features an occupancy rate of 85 percent. An owner and operator of grocery-anchored real estate, Slate Grocery REIT’s portfolio comprises $1.4 billion of assets across major U.S. markets. The company trades on the Toronto Stock Exchange.

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Whitehall Plaza
IndianaInvestment salesNews

First National Realty Partners Acquires 62,426-Square-Foot Kroger-Anchored Shopping Center in Bloomington, Indiana

by Julia Sanders

Bloomington, Ind. — First National Realty Partners has acquired Whitehall Plaza, a grocery-anchored center in Bloomington. Anchored by a 62,426-square-foot Kroger store, the shopping center spans a total of 172,485 square feet. The property, located at 500 South Liberty Drive, is 92 percent occupied. Additional tenants include Planet Fitness, JoAnn, Regions Bank and Freddy’s Frozen Custard and Steakburgers. The seller and sales price were not disclosed.

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North Meridian Shops
IndianaInvestment salesNews

Marcus & Millichap Arranges $2.9 Million Sale of Retail Strip Center in Indianapolis

by Julia Sanders

Indianapolis — Marcus & Millichap has arranged the $2.9 million sale of North Meridian Shops in Indianapolis. The 17,000-square-foot retail strip center is located at 3787 N. Meridian St. Many of the property’s tenants, including T-Mobile, have operated at the location in excess of 10 years. Jordan Klink of Marcus & Millichap’s The Klink Group represented the seller, J&R Enterprises of Indianapolis II LLC. An agent out of Marcus & Millichap’s Philadelphia office represented the buyer, BA Properties I LLC, which is a Pennsylvania-based limited liability company.

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Retail Center
FinanceIndianaInvestment salesNews

Mag Mile Capital Arranges $5.7 Million Acquisition Loan for Indiana Retail Center

by Julia Sanders

Munster, Ind. — Mag Mile Capital has arranged a $5.7 million loan for the acquisition of an 18,440-square-foot retail center in Munster, about 30 miles southeast of Chicago. Situated at 8201-8231 Calumet Ave., the property is leased to a mix of national and local retailers, including Target, Starbucks Coffee and Panera Bread. Prabhat Jayara of Mag Mile arranged the five-year, fixed-rate loan on behalf of Translucence Management. A local bank provided the loan, which features a 75 percent loan-to-value ratio, an interest rate of 4.25 percent and a 25-year amortization …

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IndianaInvestment salesNews

Black Gate Partners Acquires 24,691-Square-Foot Emerson Way Shopping Center in Indianapolis

by Julia Sanders

Indianapolis — Black Gate Partners has acquired Emerson Way Shopping Center in Indianapolis for an undisclosed price. Located at 5450-5502 Emerson Way, the shopping center spans 24,691 square feet. Dollar General and Papa John’s are the anchor tenants. Black Gate plans to add a new roof, parking lot, façade and landscaping, as well as build out the 3,000-square-foot end cap vacancy. The name of the seller was not released.

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IndianaInvestment salesNews

Marcus & Millichap Arranges $2.5 Million Sale of Raising Cane’s-Occupied Property in Indiana

by Julia Sanders

Mishawaka, Ind. — Marcus & Millichap has arranged the sale of a 3,320-square-foot restaurant property occupied by Raising Cane’s in Mishawaka for $2.5 million. The newly constructed, single-tenant building is located at 5212 N. Main St. and was the first Raising Cane’s to open in the Indiana market. Chris Lind, Mark Ruble, Zack House and Brennan Clegg of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company.

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Walgreens
IndianaInvestment salesNews

Marcus & Millichap Arranges $3.7 Million Sale of Walgreens-Occupied Property in Indianapolis

by Julia Sanders

Indianapolis — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Nora submarket of Indianapolis for $3.7 million. The single-tenant building is located at 1505 E. 86th St. Jordan Klink of Marcus & Millichap marketed the property on behalf of the seller, Indianapolis-based Westfield Pointe LLC, and sourced the buyers, Nora LLC and PP Nora LLC.

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