A New York company has purchased an Indianapolis shopping center. Time Equities Inc. says it paid $9.5 million for Shadeland Station, which is anchored by a Marsh Supermarket.
March 27, 2014
New York — New York-based Time Equities Inc. (TEI) recently purchased Shadeland Station, a 104,906 square-foot shopping center located at 7841 Shadeland Avenue in Indianapolis, Ind. for $9,500,000. This acquisition marks TEI’s first property in Indiana as the firm continues to expand its retail portfolio across the country.
Shadeland Station, anchored by Midwest grocery chain Marsh Supermarket, is 85 percent occupied by 22 tenants including Planet Fitness, Dollar Tree, Alibi's Grill, Vintage Natural Foods, 21st Amendment, H&R Block, Subway and The UPS Store, among others.
TEI will conduct renovations inside the center and to the outdoor signage in an effort to modernize Shadeland Station’s overall appearance.
“Time Equities Inc. continually seeks out well-positioned centers in highly-trafficked areas, like Shadeland Station, as we continue to grow our national retail footprint,” said Ami Ziff, Director of National Retail for TEI. “In this acquisition, we recognized the opportunity to own a stabilized grocery-anchored center with the potential for long-term upside.”
The property is located along Shadeland Avenue and 75th Street, an area in Indianapolis with consistently strong traffic counts. Within a five-mile radius, the population is roughly 128,000 individuals who earn a median income of more than $56,000. The core shopping base exhibits notable retail sales volumes in grocery, department and general merchandise stores.
TEI was represented in-house while the seller was represented by Joe Girardi and Rick Drogosz of Mid-America Real Estate Corporation in cooperation with Mid-America Real Estate-Indiana LLC. The property will be managed locally by Cassidy Turley located in Indianapolis, Ind.
About Time Equities Inc.
Founded in 1966, privately-held Time Equities Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years. With properties in 25 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 22.1 million square feet of residential, industrial, office and retail property. For more information, please visit www.timeequities.com.
Source: Time Equities Inc.