INDIANAPOLIS-Locally based Lauth Group has brought in an outside investor to recapitalize two of its nearby retail centers. Broad Street Advisors, based in New York City, arranged the deal for Lauth with the unnamed investor for Lafayette Pavilions in Lafayette, IN and Porter’s Vale in Valparaiso, IN.

Lauth was the developer of both properties. The 337,652-square-foot Lafayette was completed in October 2006 for $30 million, and is now 85% occupied with tenants such as TJ Maxx, Office Depot and Hobby Lobby. The 91,897-square-foot Porter’s Vale was completed in October 2007, and is now 81% occupied with tenants such as Cinemark, Justice and Rue 21, and is shadow-anchored by JC Penney. Sources say the US-based investor threw in more than $30 million into the deal.

Robert Rizzi, managing partner at Broad Street, tells GlobeSt.com that the reset allows the properties to be more competitive for future lease-up, following the return of the asset class to relevancy. “There’s no doubt that retail is emerging again as a respected property type,” Rizzi says. “Multifamily has dominated investor attention for the past couple of years, but now the return level is low, and investors are seeking more opportunistic deals with the improving economy. Consumers are also starting to open their wallets.”