Marcus & Millichap Real Estate Investment Services recently brokered the sale of Monticello Plaza, a 189,330-square-foot grocery-anchored shopping center in Monticello, Ind. The terms of the sale were not disclosed.
David Weber, an associate vice president in Marcus & Millichap’s Washington , D.C. office, and Nathan Whalen, a retail property investment specialist in the firm’s Indianapolis office, represented the seller, Hamstra Builders Inc. Michael Wernke, a vice president of investments in Indianapolis, represented the buyer, an Indiana-based LLC.
“With its in-depth market knowledge and unparalleled access to a variety of capital sources nationwide, Marcus & Millichap was able to create a competitive market for this property and lead us to the right buyer,” says Mitch Van Kley, chief financial officer and executive vice president of Hamstra Builders Inc. “We are extremely pleased with the high level of service we received from Marcus & Millichap throughout the process.”
The property is located on Monticello ‘s major north/south thoroughfare. Retailers in the immediate area include Taco Bell, CVS, Arby’s, Advance Auto Parts and Wells Fargo.
“Fewer completions and resumed job creation will strengthen the Indianapolis retail market in 2012,” says Wernke. “With operations in high-traffic corridors already recovering, metrowide vacancy will trend lower.”
Built in 1979 on 20.2 acres, Monticello Plaza is anchored by Kroger and Rural King. Other tenants include a freestanding Pizza Hut, Ace Hardware, Standard Auto and King Buffet.
