Hanley Investment Group Real Estate Advisors has arranged the sale of Lake Park Plaza, a 114,867-square-foot shopping center anchored by Hobby Lobby in Michigan City, Indiana.
The sale price could not be disclosed, but the property was listed for $6.341 million. Hanley Investment Group has sold $380 million in retail properties in the Midwest in the last 24 months.
Hanley Investment Group’s executive vice president Eric Wohl and associate CJ Kiehler, in association with Scott Reid & ParaSell, Inc., represented the seller, RCG Ventures of Atlanta, Georgia, a privately funded real estate investment group. The buyer was a private investment company based near Miami, Florida.
Lake Park Plaza is located less than 60 miles from Chicago and is situated on 20.83 acres at 4303-4361 Franklin St. in Indiana’s LaPorte County. In addition to anchor tenant Hobby Lobby, Lake Park Plaza tenants include JOANN, Citi Trends and a variety of internet-resistant tenants. The property is also shadow anchored by Stock+Field (which was recently acquired by R.P. Acquisition Corporation, a wholly-owned subsidiary of R.P. Lumber Co.). Lake Park Plaza was built in 1992 and was 91-percent-occupied at the time of the sale.
Lake Park Plaza is 1.2 miles from the Interstate 94 freeway (55,500 cars per day), a major east/west thoroughfare connecting the Great Lakes to the Great Plains. Nearby national credit tenants include Walmart Supercenter, Lowe’s Home Improvement, Menards, Meijer, Ross, T.J. Maxx, Kohl’s, ALDI and others.
