Time Equities Makes $9.5M Acquisition of Its First Retail Property in Indiana
By Adriana Pop, Associate Editor
In a $9.5 million deal, Time Equities Inc. (TEI) of New York has acquired the Shadeland Station shopping center on the north side of Indianapolis.
A joint venture between Westchester, Ill.-based Tri-Land Developments Inc. and an affiliate of Equity Group Investments was the seller of the approximately 105,000-square-foot property, the Indianapolis Business Journal reports.
Located at 7841 Shadeland Avenue, the center is anchored by Midwest grocery chain Marsh Supermarket and was 85 percent leased at the time of sale. Planet Fitness, Dollar Tree, Alibi’s Grill, Vintage Natural Foods, 21st Amendment, H&R Block, Subway and The UPS Store are among the property’s tenants, which will be managed by the local office of Cassidy Turley.
Within a five-mile radius, Shadeland Station caters to a population of about 128,000 individuals who earn a median income of more than $56,000.
“Time Equities Inc. continually seeks out well-positioned centers in highly-trafficked areas, like Shadeland Station, as we continue to grow our national retail footprint,” Ami Ziff, Director of National Retail for TEI, said in a news release. “In this acquisition, we recognized the opportunity to own a stabilized grocery-anchored center with the potential for long-term upside.”
Joe Girardi and Rick Drogosz of Mid-America Real Estate Corp.n in cooperation with Mid-America Real Estate-Indiana LLC brokered the transaction on behalf of the seller, while TEI was represented in-house.
Founded in 1966, TEI owns properties in 25 states, four Canadian provinces and Germany. The company’s portfolio consists of approximately 22.1 million square feet of residential, industrial, office and retail space.
In other news, the Indianapolis Business Journal reports that the occupancy-challenged 315,000-square-foot Landmark Center office tower in downtown Indianapolis has recently landed two new major tenants.
Angie’s List Inc. plans to renovate and occupy nearly 100,000 square feet of space across four floors, while the Christian Church-Disciples of Christ will take another 60,000 square feet for its 195-person headquarters currently located at 130 E. Washington St.
Ambrose Property Group, the property’s owner, told the newspaper that the tower’s occupancy would now go from less than 50 percent to more than 90 percent.
The company acquired the center, which is the 11th-largest office complex downtown, out of receivership late last year.