Muncie Town Plaza

Muncie, IN

Offering Summary

  • Status: accepted offer
  • Price: Request for Offers
  • Year 1 Net Operating Income: $1,792,688
  • GLA: 163,655 SF
  • Net Operating Income: $1,792,688
  • Year(s) Built: 1997
  • Year(s) Renovated: 2005
  • Lot Size (Acres): 22.919 Acres
  • Major Tenants: Kohl's, T.J.Maxx, Old Navy, Ulta, Shoe Carnival, Maurices, Bath & Body Works

Institutional Property Advisors, on behalf of ownership as its exclusive advisor, is pleased to offer a Muncie Towne Plaza, a 99% occupied, 163,655 square foot regional power center anchored by Kohl’s and located in Muncie, Indiana.

  • 6.8 Years WALT with 59% of GLA (3 of 8 Tenants) Having Term into 2033/2034
  • 74.5% of GLA In-Place Since Original 1997/1998 Development of Center; Subject Property is Only Location in Muncie Market for All Tenants
  • Large Regional Draw Trade Area – 50-Mile Radius; 1.6 Million Customer Visits in T12; Only 40% of Visits Originating from Core Muncie Area
  • Offered Free & Clear of Debt Allowing Purchaser to Pursue New Acquisition Financing According to Investment Strategy
  • Projected NOI Growth of 10.4% by Year 6 of Hold Period via Scheduled Rent Increases & Lease-Up of Small-Shop Vacancy
  • True Power Center – All National Tenancy; 5 Box/Junior Box Tenants Comprise 92% of GLA; Only 8% of GLA is Small-Shop (4 Units Totaling 13,105 SF)
  • Junior Box Retailers Old Navy, Ulta, and Shoe Carnival Collectively Occupy 25% of GLA & Contribute 34% of Gross Revenue
  • Well-Maintained Institutionally Developed & Owned Asset
  • $1 Million of CapEx Completed Since 2018 Including Roof Replacements, Paving, Painting & Misc. Improvements
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director