Marcus & Millichap closed the sale of Meridian Marketplace, a 41,645-square-foot Dollar Tree-anchored neighborhood retail strip center in Indianapolis, Indiana.
Scott Wiles, Erin Patton and Craig Fuller, senior managing directors in Marcus & Millichap’s Cleveland and Columbus offices, exclusively marketed the listing on behalf of the seller, a New York-based private investment firm.
The buyer, a Washington-based investor, was procured by Patton | Wiles | Fuller and secured new bank financing at 60% loan-to-value. The deal was awarded after a competitive bidding process with multiple offers and Josh Caruana, Indiana Broker of Record, assisted in closing the transaction.
Meridian Marketplace is located at 8923 S. Meridian St. in Indianapolis, and was fully occupied at the time of the sale. In addition to Dollar Tree, the property features a mix of 13 daily needs shop tenants including Play it Again Sports, Pizza Hut, a dentist, nail salon, Asian grocery and barbershop, as well as entertainment concepts including an escape room, indoor golf and e-sports gaming lounge.
The property is located at a major intersection with 48,000 vehicles per day and is amongst an affluent suburban area just one and a half miles from Greenwood, a super-regional retail trade area with one of the largest concentrations of retailers in Indianapolis.
