A lately renovated Kroger grocery store anchors the 268,000-square-foot property.
First Nationwide Realty Companions has acquired Southern Plaza, a 268,000-square-foot, grocery-anchored buying heart in Indianapolis. Prodigy Actual Property Group Co-founder & Principal John Might represented the vendor, recognized by CommercialEdge as Tri-Land Properties.
The identical knowledge supplier knowledge reveals the five-building retail heart got here on-line in 1961 throughout some 33 acres. A lately renovated 59,9000-square-foot Kroger grocery store, which has been working on the location since 1990, anchors the property. Different tenants embrace Ross, Harbor Freight, Oak Avenue Well being, Goodwill, Rue 21, Qdoba, Cosmo Prof, BMO Financial institution and Sally Magnificence.
Positioned roughly 5 miles from downtown Indianapolis at 4200 S. East St., the property is adjoining to Interstate 465, in an space the place the day by day automotive site visitors reaches 92,000 automobiles. Greater than 216,000 folks stay inside a 5-mile radius.
Based on a Cushman & Wakefield report, the U.S. retail sector continued to showcase progress within the third quarter of 2022, and Indianapolis was no exception. The metro has witnessed 263,032 sq. toes of optimistic absorption, whereas emptiness dropped 150 foundation factors to five.4 % over the yr.
FNRP Senior Director of Acquisitions Matt Annibale talked about in a ready assertion that Southern Plaza’s location and e-commerce resistant tenant combine provides an enlargement alternative in a rising market. Earlier this month, the agency added two grocery-anchored buying facilities to its nationwide portfolio.
