Merchants' Square

2160 E 116th St, Carmel, IN, 46032-3213, US

Description

o Address: 2140 E 116yh Street, Carmel IN

o GLA: 233,727 SF

o Year Built/Renovated: 1974 / 1976 / 1978 / 1996 / 2001

o Parking Spots: +/- 1,009 (32 ADA) / 4.31 STALLS PER 1,000 SF

o Occupancy: 96.8%

o Number of Buildings: 5

o Number of Suites: 35

o Year 1 NOI: +/- $3,965,000

o 5-Year CAGR: +/- 4.3%

...

Building area net

233,727 sf

Occupancy

96%

Year built

2000

Shadow-Grocery Anchored Center with Strong Leasing Momentum & Stable Income2.5M+ annual visitors, with additional 500k generated since Harvest Market opening
40,095 SF across 10 leases signed since 2023, representing 17% of total GLA
Highly Visible, High-Traffic, Prime Retail Location
Prominently positioned at Keystone Pkwy & E 116th Street, one of Carmel’s busiest intersections (~71,000 VPD)
City of Carmel has 1% retail vacancy
Dynamic Growth Market with Exceptional Demographics
Over 20% population growth in 5-mile radius since 2010
Over 4,000 housing units in Carmel’s development pipeline (11% growth over existing)
Average household income of $158k+ in 5-mile radius, totaling $11.5B in buying power
Strong Tenancy with Significant Upside - +/- 4.3% CAGR with Mark to Market
World Market ranked in top 4% nationally
~70% national tenancy by GLA & income
Existing rents are ~20% below market (Harvest Market opening served as major catalyst to rent growth)
Success of Flix Brewhouse – 9 Screen Cinema Brewery
Generates over $1M in sales per screen, operating at a +/- 11% health ratio – significantly outperforming theater averages
+/- 65% of Flix Brewhouse Sales are Food & Beverage