Evansville, Indiana-based Regency Properties acquired Muncie Towne Plaza, a 173,773-square-foot shopping center in Muncie, Indiana, about 50 miles northeast of Indianapolis.
Muncie Towne Plaza, developed in 1997 and renovated in 2005, was fully leased to national tenants at the time of acquisition. Key tenants of the property include Kohl’s, 80,654 square feet; TJ Maxx, 29,352 square feet; Old Navy, 15,490 square feet; Ulta Beauty, 13,090 square feet; and Shoe Carnival, 11,964 square feet.
Muncie Towne Plaza is located on East Princeton Avenue, approximately one-half mile north of McGalliard Road, the primary thoroughfare in Muncie. The closest interstate access, I-69, is about 10 miles West of the center. Muncie is the county seat for Delaware County, Indiana. The center’s trade area population is 198,132 and the population of Muncie is 65,072. Muncie is home to Ball State University. The closest major metropolitan area is Indianapolis.
Regency specializes in the acquisition, ownership and management of county seat community commercial properties.
Regency’s business plan is to maintain the high occupancy levels the center historically has achieved and focus on keeping and attracting a great tenant mix of both national retailers and local businesses too.
The property includes a 1.15-acre undeveloped land site immediately adjacent to Old Navy. Regency’s intention is to develop the parcel following consideration on what represents the greatest opportunity: a single- or multi-tenant user space. According to Regency, the site can accommodate a 50,000-square-foot development.
Upon acquisition, Regency Properties will develop a property-specific business and operational plan. As part of that plan, Regency’s property management team will be meeting individually with Muncie Towne Plaza’s tenants and existing vendors. Additionally, Regency personnel will meet with Muncie’s Mayor and other elected officials to reinforce their commitment to being an active contributor to the community.
