Marwood Plaza

Indianapolis | IN

Offering Summary

  • Status: under contract
  • Price: $10,353,000
  • CAP Rate: 7.05%
  • GLA: 107,080 SF
  • Net Operating Income: $729,594
  • Price/SF: $96.68
  • Year(s) Built: 1972
  • Year(s) Renovated: 2021
  • Major Tenants: Kroger, Buyer's Market, Los Patios Mexican Restaurant, Laundry & Tan Connection, H&R Block, Chase Bank
  • 93.5% Occupied, 107,080 SF Kroger-Anchored Neighborhood Shopping Center in Indianapolis, IN
  • Kroger (43% of NOI) New 10-Year Lease Term, Reliable Grocer Anchor Since 1972
  • Kroger Reports Strong Sales of $570/SF; Low 1.2% Rent-to-Sales Ratio
  • Strong Market Positioning – Nearest Competition is Walmart Neighborhood Market Located 2.3-Mi (7 Minutes) Southwest; No Aldi or Martin’s Competition
  • No Inner-Chain Overlap – Nearest Kroger is 4.4-Mi (11 Minutes) North in a Different Trade Area, Next Nearest After that is Over 7 Miles Away (18 Minutes)
  • Offered Well-Below Replacement Cost at $97/SF
  • Dense Infill Location with 11,000/1-Mi, 32,600/3-Mi, and 135,800/5-Mi Population Counts
  • $900K of Capital Improvements Over Trailing 3 Years – Roofs, Parking Lot, Sidewalks, LED Lighting, Painting
  • Situated Along Kentucky Ave/Route 67 with 19,700 VPD – Major NE to SW Arterial Connecting Near Downtown to Indy SW Suburbs and Beyond
  • 22.9% GLA Leased in T6 Months and 46.2% of GLA Renewed in T6 Months
  • Offering Includes Chase Bank Net-Leased Outparcel with 50 Years of Tenancy; $53K Annual Rent and Current Term into July 2028 – Prime Spin-Off Candidate
  • New 10-Year Lease with Laundry & Tan Connection on 6,500 SF (6.1% of GLA) at $8/SF NNN with Annual Bumps
  • Strong National Daily Needs Small-Shop Tenancy: H&R Block, T-Mobile, Great Clips, Little Caesars, Advance America, Cricket Wireless, and Boost Mobile
  • Upside via Lease-Up of Two Small-Shop Vacancies of 4,000 and 2,940 SF, Totaling 6.5% of GLA with Anticipated Rents of $11-12/SF NNN (+11% or $77K to NOI)
  • Efficient Operations: RE Tax, CAM & Ins Expenses of Only $3.28/SF; Majority Net Leases Provides 77% Reimbursement on 93.5% Current Physical Occupancy
  • Situated Along Kentucky Ave/Route 67 with 19,700 VPD – Major NE to SW Arterial Connecting Near Downtown to Indy SW Suburbs and Beyond
  • Located within Close Proximity to Indianapolis International Airport and Millions of Square Feet of Surrounding Industrial Operations; High Daytime Employment in the Area
  • Indianapolis MSA – Home to a Population of 2.1 Million and Major Employers Including Anthem, IU Health, New Era Tech, Ascension St. Vincent Hospital, IUPUI, Rolls-Royce, Cummins, Salesforce Eli Lilly & Co, FedEx, Amazon, Roche, Allison Transmission, and More
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director