Indy Shopping Center Sold
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowOhio-based Nationwide Mutual Insurance Co. has sold the Southport Plaza shopping center in Indianapolis to a New York company. The deal with Realty Resource Capital Corp. is worth $11.4 million.
December 29, 2014
News Release
Indianapolis, Ind. — Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that Columbus, OH-based Nationwide Mutual Insurance Company sold Southport Plaza shopping center to Woodbury, NY-based Realty Resource Capital Corp. (Brand Southport LLC) for $11.4 million.
Built in 1999, the 85,062 square foot (6.5 acres) Class A power shopping center is located at 7565 South U.S. Highway 31 in Indianapolis. Cassidy Turley Senior Vice President and Retail/Land Division Manager Jacque Haynes, CCIM, and Senior Managing Director Bill French represented the seller.
“Southport Plaza, a core asset, is 100% leased to strong credit tenants in a market with less than 4% vacancy,” explained Ms. Haynes. “It's a great acquisition for Brand Southport, LLC.”
The shopping center is occupied with national and regional tenants including Petco, Shoe Carnival, Leslie’s Swimming Pool Supplies, American Mattress and Kittle’s Rooms Express – 86% of the center is under lease through 2023. Southport Plaza is located in an A+ regional trade area with high visibility.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting.
Cassidy Turley announced in a press release on September 22 that it has entered into an agreement with an affiliate of DTZ Investment Holdings, backed by TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan (the Consortium that agreed to acquire DTZ), to sell 100% of the equity interests of Cassidy Turley. The agreement is subject to customary closing conditions and is dependent on Cassidy Turley’s combination with the operations of DTZ Group (DTZ) to create a global, full-service commercial real estate services company. The Consortium’s acquisition of DTZ closed November 5, 2014. The acquisition of Cassidy Turley is expected to close December 31, 2014.
Source: Cassidy Turley