University Shoppes
4155 S. East Street Indianapolis, IN 46227
Price: $3,350,000
Status: Sold
Cap Rate: 7.65%
Year Built: 2007
NOI: $256,505
Lot Size: 0.96 acres
Price Per Foot: $378
Lease Type: NNN
Remaining Term: 7+ Years (10-Year Extension in 2016)
GLA: 8844 sqft
Property Intro
Lee & Associates is pleased to exclusively offer for sale to qualified investors the opportunity to purchase University Shoppes, a multi-tenant retail shopping center located in Indianapolis, Indiana (the “Property”). Built in 2007, the building totals approximately 8,844 square feet and sits on an approx 0.96-acre parcel.
University Shoppes is 100% leased to national tenants Bank of America (S&P: A), FedEx Office (S&P: BBB), Prime Communications dba AT&T (over 2,000 locations), and Sun Tan City. AT&T just renewed their lease for an additional 24 months showing their commitment to the site and confirming the desirability of this hard corner location. All tenants are on NNN leases, providing a landlord with a passive income stream and minimal landlord responsibilities.
investment highlights
- 100% LEASED RETAIL CENTER • 53% CORPORATE INVESTMENT GRADE TENANCY: BANK OF AMERICA (S&P: A), FEDEX OFFICE (S&P: BBB), AT&T AND SUN TAN CITY • RECENT LEASE RENEWAL FROM AT&T
- The University Shoppes shopping center is a 8,844-square-foot multi-tenant retail building that is 100% leased to Bank of America, FedEx Office, AT&T, & Sun Tan City. This tenant mix provides an investor with a safe mix of corporate and investment grade credit tenancy.
- AT&T just renewed their lease for an additional 24 months showing their commitment to the site and confirming the desirability of this hard corner location.
- DIRECTLY ACROSS FROM KROGER (S&P: BBB) ANCHORED SOUTHERN PLAZA SHOPPING CENTER • DESIRABLE CO-TENANTS: ROSS (S&P: A-), AMC IMAX THEATRES, MARSHALL’S & BRIGHTWOOD COLLEGE
- The subject property sits directly across from the Southern Plaza Shopping Center (click here for Tri-Land video link) , a highly desirable Kroger anchored center, with co-tenants that include Ross Dress For Less, Marshall’s, Goodwill Store, rue21, Sally Beauty, Pizza Hut, Great Clips, PNC Bank, Steak ‘n Shake, AMC IMAX Theatres, and Harbor Freight Tools. Kroger completed a full exterior/ interior remodel in 2017.
- ONLY TRUE HARD CORNER RETAIL LOCATION IN THE TRADE AREA • ADJACENT TO FOUR-WAY INTERCHANGE I-465 (107,000 CPD) & ROUTE 35 (22,000 CPD) • VISIBILITY/ACCESS ALONG S. EAST ST (22,000+ CPD) • LIMITED COMPETITION
- The Property is ideally located along S. East Street, offering outstanding signage and visibility to 22,000+ cars per day. S. East Street is a major retail and business corridor, with national tenants along this stretch including Shopper’s World, Dollar Tree, Chase Bank, Family Dollar, Save A Lot, AutoZone, Cici’s, Arby’s, and GameStop to name a few.
- LOCATED WITHIN 1/2 MILE OF INTERSTATE 465 • QUICK ACCESS TO DOWNTOWN INDIANAPOLIS, INDIANAPOLIS INT’L AIRPORT • EXCELLENT DEMOGRAPHICS (205,000 PEOPLE IN 5-MILE RADIUS) • STRONG DRAW TO THE TRADE AREA
- The University Shoppes are well positioned less than a 1/2 mile from the on/off ramp to Interstate 465 (107,000 cars per day), for quick access to Downtown Indianapolis (5 miles to the North) and Indianapolis International Airport (13 miles to the West). This strategic location allows the center to pull from over 205,000 people within a 5-mile radius of the property offering a wide-ranging labor pool and outstanding customer draw to the trade area.
- PROXIMITY TO UNIVERSITY OF INDIANAPOLIS (5,500 STUDENTS, 600+ STAFF) • TOP RANKED REGIONAL UNIVERSITY
- The University Shoppes are located less than a mile from the University of Indianapolis (“UIndy), a 4-year, private, not-for-profit university with approximately 5,500 students and 600 faculty staff. UIndy is ranked in the top tier of Midwest universities by U.S. News & World Report. As of 2018, UIndy was ranked #34 (tie) in Regional Universities Midwest, #21 (tie) in Best Colleges for Veterans, and #66 in Best Value Schools. Nationally ranked graduate programs include the Krannert School of Physical Therapy, School of Occupational Therapy, and School of Nursing.
- LOCATED IN INDIANAPOLIS • 2ND LARGEST CITY IN MIDWEST • TRANSPORTATION & LOGISTICS HUB
- The center is located approximately five miles south of Downtown Indianapolis, the capital and largest city in Indiana. It is the second-largest city in the Midwest and the 15th most populous in the United States. Indianapolis is a transportation and logistics hub, as more interstates intersect through the city than in any other in the United States. The Indianapolis International Airport was named the “Best Airport in North America” in 2010 and 2012-2015, and is home to the second-largest FedEx Express hub in the world.
listing agents
