Transwestern‘s Chicago office brokered the sale of Lake Park Plaza, located at 4301 S. Franklin St. in Michigan City, Indiana. The 114,867-square-foot center was developed in 1992 and is anchored by Hobby Lobby and Jo-Ann Fabrics. National tenants at the center include Sally Beauty Supply, Batteries Plus and H&R Block. Inland Real Estate Corporation sold the property to RCG Ventures for an undisclosed amount.
“Michigan City benefits from a strong, affluent tourism industry that is not represented in the demographics,” said Janice Sellis, capital markets director at Transwestern. “RCG Ventures has been active in the Midwest recently and has the opportunity to increase the value of Lake Park Plaza through additional leasing.”
Sellis and Transwestern’s Paul Barile, capital markets director, represented Inland Real Estate Corporation in the transaction. The Chicago-based retail investment sales team has a combined 52 years of experience. The team has completed more than $2 billion in retail sales in the Midwest, totaling more than 13 million square feet. RCG Ventures represented itself in the transaction.
