California-based Hanley Investment Group Real Estate Advisors has completed the sale of three multi-tenant retail properties in the Indianapolis metro area. The transaction totaled more than $10.8 million.
The firm says investor demand for Midwest multi-tenant retail is returning to pre-COVID levels.
“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 Hanley Investment Group’s Dylan 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.”
The three properties include:
- Stafford Crossing in Plainfield – 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.
- Carey Road Center in Westfield – a 13,043-square-foot retail center located at 3249 East State Road 32. The property was built in 2007 and features a complementary mix of retailers serving nearby residents.
- Windermere Place in Fishers – 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.
Mallory says the company anticipates 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 states.