Tippecanoe Plaza

Lafayette | Indiana

Offering Summary

  • Status: price reduced
  • Price: $8,202,000
  • CAP Rate: 9.50%
  • GLA: 85,811 SF
  • Year(s) Built: 1968
  • Year(s) Renovated: 1995
  • 100% Occupied, 85,811 SF Mall-Shadowed 2-Tenant Retail Center in Lafayette, IN
  • Anchored by Best Buy (59% of GLA) on NNN Lease thru March 2027; $10.58/SF All-In (Rent + NNNs)
  • Co-Anchored by Barnes & Noble (41% of GLA) on Gross Lease thru January 2028 at $12.81/SF
  • Adjacent to a Simon Owned-Tippecanoe Mall, Anchored by Macy’s, Dick’s, JCPenney, and Kohl’s etc. High Occupancy Mall – Strong Cross-Traffic Driver Seeing Over 4.5 Million Visits Annually
  • Higher Yield Opportunity – 9.50% CAP List Price; Offered Below Replacement Cost at $96/SF
  • 10.6% Cash-on-Cash Return & 13.9% Total Return at Market Debt Terms – 70% LTV, 7.50% IR, 25-Year AM
  • Fungible Boxes – Single-Story, Linear Orientation Affords a Variety of Feasible Redemising and Redeveloping Options
  • Market Rent of $16/SF in Surrounding Area, Low Vacancy Rate of 2.7%
  • Large Parcel with Excess Land/Parking Area to the West of Best Buy’s Box, Further Opening Up any Retenanting or Redevelopment/Additional Development Options if Ever Necessary in the Future
  • Located within the Primary Retail Trade Area Serving Lafayette Amongst Major Retailers Including Menards, Aldi, At Home, Michaels, PetSmart, Payless Supermarket, Kittle’s, and More
  • Dense Demos with 67,809/3-Mi & 131,273/5-Mi Population Counts
  • Situated Along Sagamore Parkway South with 28,000 VPD
  • 1 Mile Away from Local Ivy Tech Community College Branch with Over 8,000 Students Lafayette is Home to Purdue University with Enrollment of 42,000 Students; Just a 1-Hour Drive Northwest from Indianapolis

Erin Patton

Senior Managing Director