Hanley Investment Group Real Estate Advisors has completed the sale of South Pointe Crossing, a Kroger shadow-anchored retail property in Terre Haute, Indiana.
There were two separate transactions in the execution of the break-up sale strategy at the center with two different 1031 exchange buyers, which featured a free-standing single-tenant Starbucks and a 41,663-square-foot multi-tenant retail center.
In the first transaction, Hanley Investment Group’s Vice President Dylan Mallory, in association with ParaSell, Inc., completed the sale of a 2,212-square-foot single-tenant Starbucks drive-thru located at 4900 S. U.S. Highway 41.
The Starbucks building, which was built in 2007 and renovated in 2017, is positioned as an outparcel to South Pointe Crossing. The Starbucks features excellent visibility to U.S. Highway 41 and ranks as one of the top performing locations in Indiana, according to Placer.ai. The sale price was $1.805 million. The buyer was a private family office based in Erie, Pennsylvania, and was represented by Drew Baldwin and Jake Duska of Baldwin Brothers, Inc.
In the second transaction, Mallory, in association with ParaSell, Inc., completed the sale of the 41,633- square-foot multi-tenant portion of South Pointe Crossing. The property is located at 4700-4800 S. U.S. Highway 41 and features four separate buildings with frontage along U.S. Highway 41 and S. 7th Street. The property was built in 2002 and was 97%-occupied at the time of sale with notable tenants such as Sherwin-Williams, T-Mobile, Charles Schwab & Co., Papa John’s, Once Upon a Child, Plato’s Closet, Big Red Liquors, and Indiana Farm Bureau Insurance.
The sale price was $8.2 million. The buyer of the multi-tenant retail portion of South Pointe Crossing was a private partnership based in Indianapolis, Indiana and was represented by Scott Pollom and Jane Drew Pollom of F.C. Tucker Company, Inc., also based in Indianapolis.
Thompson Thrift Commercial, a wholly owned company of Indianapolis-based Thompson Thrift, was the seller of both properties and the original developer of South Pointe Crossing.
