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