JLL Capital Markets has closed the sale of Orchard Crossing, a 130,100-square-foot, open-air, Target-shadow-anchored retail center in Fort Wayne, Indiana.
JLL represented the seller, DRA Advisors, and procured the buyer, LBX Investments.
Built in 2008, the 99-percent-leased Orchard Crossing is anchored by Hobby Lobby and Barnes & Noble, which both recently entered new leases, as well as Dollar Tree and Five Below. Additionally, the property is shadow anchored by a Target that has generated 1.3 million visitors in the past 12 months.
Located at 902 S. Thomas Road, the property is located at the hard corner of Illinois Road and South Thomas Road, which experienced a 35,000 vehicles per day count. The center benefits from an affluent customer base with an average household income of $95,806 within the area. Orchard Crossing Shopping Center holds a dominant market position due to its location directly across from Jefferson Pointe Shopping Center, which had just under five million visits in the past 12 months.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder.