INDIANAPOLIS—As reported in GlobeSt.com, this city is best known as a hub for bulk distribution, and the burgeoning market has attracted interest from investors across the country and even overseas. But other commercial real estate sectors here have also done quite well, and many out-of-town investors have taken notice. For example, Columbus-based Nationwide Mutual Insurance Co. just sold the Southport Plaza shopping center to Woodbury, NY-based Realty Resource Capital Corp. for $11.4 million.
Built in 1999, the 85,062-square-foot class A power shopping center sits on 6.5 acres at 7565 S. US Hwy. 31 in Indianapolis. Cassidy Turley senior vice president and land division manager Jacque Haynes and senior managing director Bill French represented the seller.
“Southport Plaza, a core asset, is 100% leased to strong credit tenants in a market with less than 4% vacancy,” says Haynes.
The shopping center had hosted a Borders but Shoe Carnival now acts as an anchor. Other national and regional tenants including Petco, Leslie's Swimming Pool Supplies, American Mattress and Kittle's Rooms Express occupy the rest of the center. According to Cassidy Turley, 86% of the center is under lease through 2023.
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