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

591,270 sf

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