PLAINFIELD, WESTFIELD & FISHERS, Ind. – RealEstateRama – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm, announced today that the firm has completed the sale of three multi-tenant retail properties in the Indianapolis metro area for a total consideration of $10.85 million. Hanley Investment Group’s Dylan Mallory represented a private investor based in Bloomington, Indiana in all three transactions.
“The properties were strategically selected due to their positioning within high-growth and affluent Indianapolis suburbs. All three of the properties feature a similar mix of successful neighborhood retail tenants, with rental rates at or below market rates,” said Mallory. “Although the pandemic has had a significant impact on multi-tenant retail, for the right property with strong real estate fundamentals, there’s just as much buyer demand now, if not more, than there was pre-COVID. Investors with long-term outlooks toward multi-tenant retail properties have been able to overcome short-term issues created by COVID-19 during the past 10 months.”
In Plainfield, Indiana, Mallory arranged the sale of Stafford Crossing, a 26,000-square-foot retail center located at 2230 Stafford Road. The property was built in 2007 and was 91% occupied at the time of sale. Notable tenants at the property included Chicago’s Pizza, Big Red Liquors, Specks Pet Supply, a UPS Store, and Jack’s Donuts. Mallory describes the property as being well positioned near Plainfield Business Center and has convenient access to the Indianapolis International Airport.
In Westfield, Indiana, Mallory arranged the sale of Carey Road Center, a 13,043-square-foot retail center located at 3249 East State Road 32 (Westfield Road). The property was built in 2007 and features a complementary mix of retailers serving nearby residents. Mallory notes that the buyer was attracted to the affluent and rapidly growing demographics of Westfield, which has frequently been ranked as one of the fastest-growing communities in the state of Indiana.
In Fishers, Indiana, Mallory arranged the sale of Windermere Place, a 16,800-square-foot retail center located at 10610 East 96th Street. Built in 2003, the property sits on 2.72 acres and was 93% occupied at the time of sale. According to Mallory, Windermere Place is located at a signalized, hard corner location in the affluent Geist submarket with high barriers to entry and easy access to Interstates 69 and 465.
Stan Johnson Company represented the seller of Stafford Crossing in Plainfield; SRS National Net Lease Group represented the seller of Carey Road Center; and Jackson Investment Group represented the seller of Windermere Place. Hanley Investment Group worked in conjunction with Jackson Investment Group to close all three transactions.
In addition to the three sales above, in the last two months of 2020, Mallory also completed the sale of a new-construction single-tenant Valvoline in Plainfield, Indiana, and a 10,448 square-foot, multi-tenant retail center anchored by Tropical Smoothie and Spectrum Cable in Avon, Indiana. Hanley Investment Group successfully completed eight transactions in the state of Indiana in 2020, for a total consideration of $27.4 million.
“We anticipate buyer demand will be at an all-time high in the first quarter of 2021 for single-tenant net-leased and multi-tenant retail in Indiana and surrounding Midwest states,” said Mallory. “The surge of investor requirements we experienced in the second half of 2020 will continue into 2021, and we expect it to be another extremely busy year in regard to Midwest retail investment sales volume.” Hanley Investment Group has been one of the most active retail investment brokerage companies in Midwest transaction volume with over $400 million in sales in the last three years.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $7.7 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first, sets us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
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