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Shopping Community

Richland Plaza | Grocery-Anchored Center | Strong History of Occupancy | Near Indiana University

4602 W Richland Plaza Dr, Bloomington, IN 47404

Listing Price: $5,500,000

Cap Rate
8.00%
Gross SF
69,404
Rentable SF
69,404
Price/Gross SF
$79.25
Lot Size
9.10 acres
Year Built
1987

Investment Overview

Marcus & Millichap is pleased to offer for sale Richland Plaza, a 69,404 square-foot grocery-anchored shopping center in Bloomington, Indiana. Located on 9.1 acres along State Road 46; the property is currently 93 percent occupied with a diversified tenant roster comprising of 19 internet-resistant tenants and three suites currently vacant offering an incoming investor the immediate ability to add net income and value to this offering through operational lease-up. Current leases are staggered in term expiration and structured as triple-net with nearly all tenants responsible for their pro-rata shares of the shopping center’s annual expenses. The IGA Grocery Store has been in operation at the subject site for 35+ years and the operator just recently exercised another new 5-year renewal option period extending firm lease term through December 2027. The IGA operator is Houchens Industries, a major company operating over 300+ grocery stores, neighborhood markets & convenience stores throughout the US. Additional tenants in the center include Family Dollar, Subway, Hoosier Bar & Grill, China Star Restaurant Pizza X, and a multitude of other synergistic, service-based businesses.   The opportunity is to capitalize on a multi-tenant retail center investment offering in a growing university town that is performing very well with strong cash flow, rising rental rates built into many existing leases, value-add vacancy upside while being inherently anchored by one of the strongest traffic drivers in the community, the IGA Grocery Store. An incoming investor has the ability to lock in competitive debt financing at today’s rates which could further enhance return on invested capital through positively leveraged new debt financing that is available on the offering.

Investment Highlights

  • Richland Plaza is located in Bloomington, Indiana; a major university town that is home to Indiana University's flagship Big Ten campus IU Bloomington
  • IGA Grocery Store Has Operated at Site For Over 35+ Years Since 1987– IGA Operator Owns More Than 300+ Locations Throughout the US
  • 93 Percent Current Occupancy with Diversified Rental Roster with Staggered Lease Expirations and Increasing Rental Rates
  • Value-Add Vacancy Upside Potential Through Operational Leaseup of 4,800 Square-Feet of Currently Vacant Space
  • Staggered Lease Expirations Allow for Stable Cash Flow, Upside Opportunity with the Raising of Rents and Capitalizing on Renewal Options from Tenants Who Have Shown Long-Term Commitment to the Site
  • Highly Visible from West State Road 46, which Experiences Approximately 25,000 Vehicles per Day

Exclusively Listed By

Shopping Community

Richland Plaza | Grocery-Anchored Center | Strong History of Occupancy | Near Indiana University

Listing Price: $5,500,000

Cap Rate
8.00%
Gross SF
69,404
Rentable SF
69,404
Price/Gross SF
$79.25
Lot Size
9.10 acres
Year Built
1987

Investment Highlights

  • Richland Plaza is located in Bloomington, Indiana; a major university town that is home to Indiana University's flagship Big Ten campus IU Bloomington
  • IGA Grocery Store Has Operated at Site For Over 35+ Years Since 1987– IGA Operator Owns More Than 300+ Locations Throughout the US
  • 93 Percent Current Occupancy with Diversified Rental Roster with Staggered Lease Expirations and Increasing Rental Rates
  • Value-Add Vacancy Upside Potential Through Operational Leaseup of 4,800 Square-Feet of Currently Vacant Space
  • Staggered Lease Expirations Allow for Stable Cash Flow, Upside Opportunity with the Raising of Rents and Capitalizing on Renewal Options from Tenants Who Have Shown Long-Term Commitment to the Site
  • Highly Visible from West State Road 46, which Experiences Approximately 25,000 Vehicles per Day

Investment Overview

Marcus & Millichap is pleased to offer for sale Richland Plaza, a 69,404 square-foot grocery-anchored shopping center in Bloomington, Indiana. Located on 9.1 acres along State Road 46; the property is currently 93 percent occupied with a diversified tenant roster comprising of 19 internet-resistant tenants and three suites currently vacant offering an incoming investor the immediate ability to add net income and value to this offering through operational lease-up. Current leases are staggered in term expiration and structured as triple-net with nearly all tenants responsible for their pro-rata shares of the shopping center’s annual expenses. The IGA Grocery Store has been in operation at the subject site for 35+ years and the operator just recently exercised another new 5-year renewal option period extending firm lease term through December 2027. The IGA operator is Houchens Industries, a major company operating over 300+ grocery stores, neighborhood markets & convenience stores throughout the US. Additional tenants in the center include Family Dollar, Subway, Hoosier Bar & Grill, China Star Restaurant Pizza X, and a multitude of other synergistic, service-based businesses.   The opportunity is to capitalize on a multi-tenant retail center investment offering in a growing university town that is performing very well with strong cash flow, rising rental rates built into many existing leases, value-add vacancy upside while being inherently anchored by one of the strongest traffic drivers in the community, the IGA Grocery Store. An incoming investor has the ability to lock in competitive debt financing at today’s rates which could further enhance return on invested capital through positively leveraged new debt financing that is available on the offering.

Exclusively Listed By

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