Institutional Property Advisors Closes Kroger-Anchored Shopping Center Sale in Indianapolis
INDIANAPOLIS, July 25, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Marwood Plaza, a 107,080-square-foot Kroger-anchored shopping center in Indianapolis, Indiana.
“Developed in 1972 by the legendary Melvin and Herbert Simon, Marwood Plaza was completely refurbished in 2021, marking Kroger’s 50th successful year at the center and continued operation under a new long-term lease,” said Bill Rose, IPA senior director. “The grocer occupies 42% of the gross leasable area and the next-nearest Kroger is over four miles away in a different trade zone.” Rose and IPA’s Erin Patton, Scott Wiles and Craig Fuller represented the seller, Citivest Commercial, and procured the buyer, Core Marwood Plaza LLC. “At the time of the sale, Marwood Plaza was 93.5% occupied on a nine-year weighted average lease term by a complementary mix of daily need tenants,” said Wiles.
The shopping center is situated along Kentucky Avenue/Route 67, which connects the area near Downtown Indianapolis to the city’s southwestern suburbs. Over 135,800 people live within a five-mile radius and the Indianapolis International Airport, home of a 2.4-million-square-foot FedEx Express national hub is nearby.
Tenants at Marwood Plaza include discount retailer Buyer’s Market, a Laundry & Tan Connection on a new 10-year lease, a Chase Bank net-leased outparcel with 50 years of tenancy, Los Patios Mexican restaurant, China One restaurant, and H&R Block. Josh Caruana, first vice president and district manager is Marcus & Millichap’s broker of record in Indiana.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.