Northmarq’s Blaise Bennett, Associate Vice President in the Chicago investment sales office, has completed the sale of Clearwater Springs Shopping Center, a 132,156 sq. ft. multi-tenant retail property located at 5151 East 82nd Street in Indianapolis. The seller was represented by Wes Podell at Podell Partners. Bennett represented the buyer, a Cincinnati-based private equity firm, who acquired the asset for an undisclosed price.
“In an environment where transactions of this size and nature can be difficult to get done, I want to thank everyone involved, especially the buyer’s team,” said Bennett. “Without their patience, resilience and longstanding relationships, this deal would never have happened. I am fortunate to have had the opportunity to work with such an outstanding acquisition team in adding yet another excellent retail asset to their portfolio.”
The shopping center is situated on 34.49 acres and anchored by ALDI, Haverty’s Furniture and Michaels. Shadow-anchored by PetSmart, the Property is leased to an array of national retailers such as Starbucks, Athletico, David’s Bridal, AT&T and more. Clearwater Springs boasts an exceptional location and visibility along the Castleton neighborhood’s primary commercial road, 82nd Street. Additionally, the shopping center has a strong historical occupancy with many long-term tenants surpassing 15 years. Sun Tan City and AT&T have been at Clearwater Springs since the late 1990s. Grocery-anchored neighborhood centers such as Clearwater Springs remain among the top wish list items for investors, according to Northmarq’s Q1 2023 MarketSnapshot. Despite investor demand for multi-tenant retail assets slowing over the past several quarters, larger open-air lifestyle and power centers also continue to trade hands. To learn more about the multi-tenant retail market, view Northmarq’s MarketSnapshot.