Ben Wineman, SVP with Oakbrook Terrace, IL-based Mid-AmericaReal Estate Corp., says the sales price of the 18-year-old propertyis not being disclosed. Sources say similar centers, such as the81,651-sf Elkhart Plaza West at 1200 N. Nappanee St., sold lastyear for $86 per sf. Wineman and associate Joe Girardi representedthe seller in the transaction, with the buyer representingitself.


The center does well in large part because it is directly acrossthe interchange for the Interstate 80/90 Tollway, Wineman Also, the Martin's is the dominant grocer in the area,and this has always been a strong performing store, he says. Thetenant CVS is leaving the center to build an out-lot across thestreet, so there will be some more vacancy soon, he says. Elkhartis seen as one of the retail centers of northwest Indiana, alongwith University Park Mall about 10 miles west on the toll road.


At almost 20 years old, the property needs more TLC than theMichigan owner can provide, Wineman says. "The owner's majority ofassets are in Michigan; this is an outlying property in theirgeographic portfolio. They've owned it for some period of time anddone well, but it's going to require some near-term revitalizationand repositioning in the marketplace. It was too difficult for themto deal with that from the Detroit area, so it was the better ideato sell it to the next guy who can capitalize on the opportunity,which Equity bought it to do," Wineman says.

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