Scott Wiles, Erin Patton, and Craig Fuller, senior managing directors in Marcus & Millichap’s Cleveland and Columbus offices, exclusively marketed the listing on behalf of the seller, a New York-based private investment firm. The buyer, a Washington-based investor, was procured by Patton | Wiles | Fuller and secured new bank financing at 60 percent loan-to-value. The deal was awarded after a competitive bidding process with multiple offers and Josh Caruana, Indiana Broker of Record, assisted in closing the transaction.
Meridian Marketplace is located at 8923 S Meridian Street in Indianapolis, Indiana and was fully occupied at the time of the sale. In addition to Dollar Tree, the property features a mix of 13 daily needs shop tenants including Play it Again Sports, Pizza Hut, a dentist, nail salon, Asian grocery, and barbershop, as well as entertainment concepts including an escape room, indoor golf, and e-sports gaming lounge. The property is located at a major intersection with 48,000 vehicles per day and is amongst an affluent suburban area just one and a half miles from Greenwood, a super-regional retail trade area with one of the largest concentrations of retailers in Indianapolis.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.