Marwood Plaza. Picture courtesy of Institutional Property Advisors
Citivest Industrial has offered Marwood Plaza, a 107,080-square-foot grocery-anchored retail heart in Indianapolis. Marcus & Millichap division Institutional Property Advisors brokered the transaction, representing the vendor and procuring the client.
Citivest Industrial acquired the property again in 2019 from Brixmor Property Group for $6.4 million, in accordance with CommercialEdge information. Again then, Prepared Capital offered a $4.9 million acquisition mortgage, the identical supply exhibits.
In-built 1972 and renovated in 2021, the purchasing heart was 93.5 % leased on the time of the sale. Anchored by Kroger—which occupies 42 % of the gross leasable space on the property—Marwood Plaza includes a numerous mixture of tenants, together with Purchaser’s Market, Laundry & Tan Connection, Los Patios Restaurant, China One, H&R Block, Increase Cellular, Little Caesar’s, T-Cellular, Nice Clips and a Chase Financial institution net-leased outparcel. IPA Senior Director Invoice Rose stated in ready remarks that Kroger has been a Marwood Plaza tenant for greater than 50 years and can proceed to function on the property after signing a brand new long-term lease.
The retail heart is situated at 3361 Kentucky Ave., roughly six miles from downtown Indianapolis within the Southwest Indianapolis neighborhood. Spanning throughout 9.3 acres, the purchasing heart is near the junction between interstate 70 and 465, serving roughly 135,800 individuals inside a five-mile radius, in accordance with IPA.
Rose, together with Senior Managing Administrators of Funding Craig Fuller, Erin Patton and Scott Wiles, led IPA’s group within the negotiations. Josh Caruana, first vice chairman & district supervisor at Marcus & Millichap Indiana, was additionally concerned within the deal.
