Northmarq’s Blaise Bennett, associate vice president in the Chicago investment sales office, has completed the sale of Clearwater Springs Shopping Center, a 132,156-square-foot multi-tenant retail property at 5151 East 82nd St. in Indianapolis.
The seller was represented by Wes Podell at Podell Partners. Bennett represented the buyer, a Cincinnati-based private equity firm, who acquired the asset for an undisclosed price.
The shopping center is situated on 34.49 acres and anchored by ALDI, Haverty’s Furniture and Michaels. Shadow-anchored by PetSmart, the property is leased to an array of national retailers such as Starbucks, Athletico, David’s Bridal, AT&T and more.
Clearwater Springs boasts an exceptional location and visibility along the Castleton neighborhood’s primary commercial road, 82nd Street. Additionally, the shopping center has a strong historical occupancy with many long-term tenants surpassing 15 years. Sun Tan City and AT&T have been at Clearwater Springs since the late 1990s.
Grocery-anchored neighborhood centers such as Clearwater Springs remain among the top wish list items for investors, according to Northmarq’s Q1 2023 Market Snapshot. Despite investor demand for multi-tenant retail assets slowing over the past several quarters, larger open-air lifestyle and power centers also continue to trade hands. To learn more about the multi-tenant retail market, view Northmarq’s MarketSnapshot.
