INDIANAPOLIS—As reported in GlobeSt.com, this city is best knownas a hub for bulk distribution, and the burgeoning market hasattracted interest from investors across the country and evenoverseas. But other commercial real estate sectors here have alsodone quite well, and many out-of-town investors have taken notice.For example, Columbus-based Nationwide Mutual InsuranceCo. just sold the Southport Plaza shopping center toWoodbury, NY-based Realty Resource Capital Corp.for $11.4 million.
Built in 1999, the 85,062-square-foot class A power shoppingcenter sits on 6.5 acres at 7565 S. US Hwy. 31 in Indianapolis.Cassidy Turley senior vice president and landdivision manager Jacque Haynes and senior managingdirector Bill French represented the seller.
“Southport Plaza, a core asset, is 100% leased to strong credittenants in a market with less than 4% vacancy,” says Haynes.
The shopping center had hosted a Borders butShoe Carnival now acts as an anchor. Othernational and regional tenants including Petco,Leslie's Swimming Pool Supplies, AmericanMattress and Kittle's Rooms Expressoccupy the rest of the center. According to Cassidy Turley, 86% ofthe center is under lease through 2023.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
