Transwestern’s Chicago office recently brokered the sale of Park East Marketplace, a retail shopping center in Lafayette, Ind.
The 35,100-square-foot retail center was developed in 2000 and is shadow-anchored by a 225,000-square-foot Super Walmart. The property was acquired by Sand Capital from DDR Corp. for $1.8 million.
“There is tremendous investor demand right now for value-add retail properties that buyers can purchase at a low price per square foot, by historical standards, and reposition through lease-up or capital improvements,” said Janice Sellis, director of Transwestern’s Chicago Retail Investment Sales Group.
At the time of sale the property was 55 percent occupied and included the ability to expand the existing retail by 15,000 square feet as well as a 1.9-acre developable pad site.
Sellis, along with Transwestern’s Paul Barile, director, were the exclusive agents for the property on behalf of DDR Corp.