Two Indianapolis companies have partnered on the acquisition of a well-known block in the city’s Mass Ave District. Real estate firm Gershman Partners and investment and construction company Citimark are now owners of the Lockerbie Marketplace site, which includes a Marsh Marketplace location.
The grocery store, formerly an O’Mallia’s store, is on the ground floor of an old Sears building and considered the anchor tenant. The property also includes three other buildings and 477 parking spaces. In all, the mixed-use and retail space totals 180,000 square-feet.
The companies are not disclosing the price of the deal. The property was acquired from the Endless Success Foundation Inc.
Gershman Partners co-founder Eric Gershman says "we look forward to working with the current tenants and creating new opportunities for additional ones who want to locate in a unique office and retail experience. All will benefit from the thousands of people who live, work and play in one of the fastest growing areas of downtown Indianapolis."
Gershman Partners acquired the nearby Marott Center in 2014, and last year, began construction of a four-story retail and office space development called the Marietta.
The Sears building was built in 1932.