Shoppes at County Line

Indianapolis | IN

Offering Summary

  • Status: closed
  • Price: $24,600,000
  • GLA: 268,199 SF
  • Price/SF: $88
  • Year(s) Built: 1976 & 1992
  • Lot Size (Acres): 26.83 Acres
  • Major Tenants: Old Time Pottery, Total Wine & More, T.J. Maxx, Planet Fitness, Party City
  • 85% Occupied, 268,199 SF Value-Add Mall-Shadowed Regional Shopping Center in Indianapolis, IN
  • Anchored by Old Time Pottery (38% of GLA) – Tenant Since 2003 with Cheap Rent NNN Lease ($1.91/SF NNN, $4.64/SF All-In)
  • New 10-Year, $14/SF NNN Lease with Total Wine & More on 25,868 SF (9.7% of GLA) thru Sept 2032
  • Nearly All-National Tenant Base Including T.J. Maxx, Planet Fitness, Party City, ULTA, Maurices, Carter’s & OshKosh – All Leased into 2025 or Beyond
  • T.J. Maxx is in Top 3% Nationally, #2 out of 25 Stores in Indiana & Top Location in the Indianapolis MSA on a Visits/SF Basis (Source: Placer.ai)
  • New TBD/10-Year, $15.50/SF NNN Lease with Kids Empire on 12,659 SF (4.7% of GLA); National Children’s Entertainment Chain with 40+ Locations in 11 States
  • Significant Tangible Upside Opportunity – Prime Vacancies Include Adjacent 14,907 SF and 6,890 SF Corner Unit
  • Four Additional Small-Shop Units Ranging from 2,350 to 6,850 SF Available as Potential Upside
  • Offered Free & Clear; Projected 10% Year 1 Cash-on-Cash Return and 20.6% 10-Year Leveraged IRR with Proposed Financing Terms
  • 10 of 11 Tenants Are Leased thru September 2025 or Beyond (3.5+ Years Remaining); Average of 5.4 Years Remaining Across All Leases
  • Across from Greenwood Park Mall – 1.3 Million SF Super-Regional Mall Anchored by Macy’s, Dick’s, JCPenney, Von Maur, Barnes & Noble & Regal Cinemas
  • Strong Planet Fitness and ULTA Locations Ranked in the Top 25-30% in Indiana and Nationally; #4 of 24 Planet Fitness Locations in the Indianapolis MSA (Top 16%)
  • All NNN Leases with Strong 80% Recovery of Operating Expenses On 85% Physical Occupancy
  • Situated at Major Intersection of Route 31 & County Line Road with a Combined 74,914 Cars Per Day – Route 31 is a Major Surface Road Connecting I-465 Ring Highway to Southern Suburbs
  • Located within the Primary Retail Corridor Serving the Southern Indianapolis Suburbs; Other Nearby Tenants Include Lowe’s, Walmart, Hobby Lobby, At Home, Burlington, Ross, Kohl’s, Best Buy, JOANN, Value City, DSW & More
  • Dense Infill Demographics – 14,672 Residents within a 1-Mi Radius; 203,000 within Five Miles
  • Draws Traffic from a Super-Regional Trade Area Spanning 300 Square Miles with a Population of 523,000; 1.9 Million Customer Visits in the Trailing 12 Months (Source: Placer.ai)
  • Indianapolis MSA – Home to a Population of Over 2 Million, Nearly 12% Population Growth Over the Past 10 Years
EXCLUSIVELY LISTED BY:

Craig Fuller

Senior Managing Director