TERRE HAUTE, Ind. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has completed the sale of South Pointe Crossing, a Kroger shadow-anchored retail property in Terre Haute, Indiana. There were two separate transactions in the execution of the break-up sale strategy at the center with two different 1031 exchange buyers, which featured a free-standing single-tenant Starbucks and a 41,663-square-foot multi-tenant retail center.
In the first transaction, Hanley Investment Group's Vice President Dylan Mallory, in association with ParaSell, Inc., completed the sale of a 2,212-square-foot single-tenant Starbucks drive-thru located at 4900 S. U.S. Highway 41. The Starbucks building, which was built in 2007 and renovated in 2017, is positioned as an outparcel to South Pointe Crossing. The Starbucks features excellent visibility to U.S. Highway 41 and ranks as one of the top performing locations in Indiana, according to Placer.ai. The sale price was $1,805,000. The buyer was a private family office based in Erie, Pennsylvania, and was represented by Drew Baldwin and Jake Duska of Baldwin Brothers, Inc.
In the second transaction, Mallory, in association with ParaSell, Inc., completed the sale of the 41,633-square-foot multi-tenant portion of South Pointe Crossing. The property is located at 4700-4800 S. U.S. Highway 41 and features four separate buildings with frontage along U.S. Highway 41 and S. 7th Street. The property was built in 2002 and was 97%-occupied at the time of sale with notable tenants such as Sherwin-Williams, T-Mobile, Charles Schwab & Co., Papa John's, Once Upon a Child, Plato's Closet, Big Red Liquors, and Indiana Farm Bureau Insurance. The sale price was $8,200,000. The buyer of the multi-tenant retail portion of South Pointe Crossing was a private partnership based in Indianapolis, Indiana, and was represented by Scott Pollom and Jane Drew Pollom of F.C. Tucker Company, Inc., also based in Indianapolis.
Thompson Thrift Commercial, a wholly owned company of Indianapolis-based Thompson Thrift, was the seller of both properties and the original developer of South Pointe Crossing.
"Between both assets, we generated over 15 offers," said Mallory. "Buyers were attracted to the strong real estate attributes of South Pointe Crossing located adjacent to a large Kroger-anchored center. The property has excellent access and visibility to U.S. 41, the primary retail corridor in Terre Haute. And, due to its outstanding location and fundamentals, South Pointe Crossing has great historical occupancy with many tenants having been in place for more than 15 years."
Terre Haute, the county seat of Vigo County, is located roughly 70 miles west of Indianapolis. Terre Haute is home to notable universities including Indiana State and Rose-Hulman Institute of Technology. The population of Terre Haute is roughly 60,000.
Mallory continues, "Although it was located in a smaller secondary market of Indiana, we were able to emphasize and highlight the many strengths of South Pointe Crossing in order to achieve premium pricing, similar to what you would see in a core midwestern market."
Hanley Investment Group has sold $721 million in retail properties in the Midwest in the last 48 months, including $85 million in retail properties in the state of Indiana in the previous 24 months.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over a $9.3 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Dylan Mallory, Vice President
Email: Send Email
Address:3500 E. Coast Highway, Suite 100
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