Shops at Perry Crossing_Property for Sale
Shops at Perry Crossing_Property for Sale
2499 Perry Crossing Way, Plainfield, IN, 46168-5522, US

Shops at Perry Crossing

Asset description

Jones Lang LaSalle Americas (Illinois), L.P. (“JLL”) has been retained on an exclusive basis to offer qualified investors the opportunity to acquire The Shops at Perry Crossing – a value-add lifestyle center just over 10 miles southwest of downtown Indianapolis. This Property is supported by high-performing anchors like AMC, Dick’s Sporting Goods, Barnes & Noble, JCPenney, Ulta, and more. The Shops at Perry Crossings is a unique opportunity to acquire a well-diversified center with an attractive basis well below replacement cost.


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Attributes

Building area gross
54,931 sm
Occupancy
87%
Year built
2003

Media

Investment highlights

  • ATTRACTIVE BASIS WELL BELOW REPLACEMENT COST


  • $10M INVESTED IN CAPEX OVER THE PAST 10 YEARSt


  • FREE & CLEAR OFFERING


  • VALUE-ADD POTENTIAL THROUGH VACANT LEASE-UP AT MARK TO MARKET RENTS
  • 87.2% occupied with 76,115 SF of vacancy across 21 suites
  • 100% of vacancies are less than 10K SF
  • Current weighted average small shop (<10k SF) rent of $18.37, 33% below market mall rent of $24.43


  • LOCATED IN HENDRICKS COUNTY OPPORTUNITY ZONE
  • Allows for capital gains tax advantages for investments made in this zone


  • RAPID PLAINFIELD, IN POPULATION GROWTH
  • April, 2020 - July, 2023: +7%
  • April 2010 - July, 2023: +34%


  • STRONG HISTORICAL TENANT PERFORMANCE AND RETENTI ON BOOSTED BY RECENT LEASING VELOCITY
  • 16.1 year weighted average tenure
  • 4.3 year WALT (excluding temp tenants)
  • 51,035 SF/8.6% of GLA (includes pending Kids’ Empire lease) across 7 new leases executed in the last 24 months


  • DIVERSIFIED TENANCY MIX
  • No one tenant comprises more than 19% of income


  • SUPPORTED BY BEST-IN-CLASS DEMAND DRIVERS
  • NAP 117 key Courtyard Marriott and newly built 108 key Residence Inn
  • Located between a Walmart Supercenter and Target, which garner a combined 3.6M+ annual visits


  • HIGH-PERFORMING 2023 FOR ANCHORS AND SMA LL SHOP TENANCY
  • AMC 2023 sales saw 22% YoY growth
  • Impressive JCPenney occupancy cost of 1.7%
  • $347/SF weighted average sales for small shop tenancy (<10k SF)
  • Sub 10% average occupancy costs for small shop tenancy (<10k SF)



Ken Martin

Senior Managing Director

Indianapolis Office Head

License # IN-RB19001364

Ken.Martin@jll.com

317.626.3666

Shops at Perry Crossing 4_Property for Sale
Shops at Perry Crossing 4_Property for Sale

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Last updated
Jun 5, 2024