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