Shopping Strip
Home Depot and Target Shadow-Anchored Center | Epicenter of Retail Corridor
2871 E 81st Ave, Merrillville, IN 46410
Listing Price: $3,190,000
Investment Overview
Situated in the bustling retail corridor of Merrillville, this 93% leased shopping center offers a unique blend of community-oriented businesses, creating a vibrant and welcoming atmosphere. National tenant Nothing Bundt Cakes shares the space with beloved local tenants such as Palermo's of 63rd, Hair to Beauty, HassleLess Mattress, and Sports & Collecti-Balls. The property presents an exciting opportunity to add value by leasing the remaining 2,000 vacant square feet in the Outlot Building. Additionally, the base rent on Suite 2895 can be substantially increased by re-tenanting at market rent, resulting in a stabilized cap rate over 10%. Remarkably priced at only $108.74 per square foot, this property is well below replacement cost. Adding to its appeal, the shopping center benefits from its strategic location, being shadow-anchored by popular retailers Home Depot and Target. These highly frequented locations attract a significant footfall, with the Target store alone recording 1.4 million visits in the last 12 months. The Home Depot store also boasts being the fifth most visited Home Depot in Indiana. Furthermore, the property's proximity to the Southlake Mall, a super-regional mall, is a significant advantage. With over 150 stores and prominent anchor tenants such as Kohl's, JCPenney, Macy's, H&M, and Forever 21, the Southlake Mall draws a massive crowd, with 3.3 million visits in the last 12 months. Notable entertainment options and popular retail brands like AMC Theatres, Cooper's Hawk Winery, Express, and Victoria's Secret further enhance the mall's appeal. Convenience is a key feature of this property, as it is located just one mile from the Interstate 65 interchange, with an impressive traffic flow of 102,870 vehicles per day. The shopping center occupies a signalized, hard corner intersection at East 81st Avenue and Mall Entrance 5, where an average of 36,228 vehicles pass by daily, ensuring excellent visibility and accessibility. Moreover, the property's proximity to several popular Indiana attractions adds to its allure. The renowned Hard Rock Casino Northern Indiana is just 10 miles away, offering a $300 million casino experience, 200 hotel rooms, and attracting 2.2 million annual visitors. The Indiana Dunes National Park, located 13 miles from the shopping center, entices 3.18 million annual visitors with its natural beauty and recreational opportunities. Additionally, the Gary/Chicago International Airport (GYY) is only 16 miles away, providing a full-service airport catering to corporate, commercial, and cargo users, with an average of 52 flights per day. In summary, this property offers an exceptional investment opportunity with its high occupancy rate, a diverse mix of community-oriented businesses, and potential for increased value through leasing and re-tenanting. Its strategic location, surrounded by major retail anchors, and its proximity to popular attractions and convenient transportation routes make it a prime choice for investors seeking a lucrative venture in the thriving retail market of Merrillville.
Investment Highlights
- 93% Leased Shopping Center Featuring a Complementary Mix of Community-Oriented Businesses
- Opportunity to Add Value by Leasing the Remaining 2,000 Vacant Square Feet Located in the Outlot Building
- Opportunity to Substantially Increase the Base Rent on Suite 2895 when Re-tenanting at Market Rent | Achieve Stabilized Cap Rate Over 10%
- Property is Priced Well Below Replacement Cost at Only $108.74 per Square Foot
- Shadow-Anchored by Home Depot and Target | Highly Frequented Locations [1]
- The Home Depot Location is the Fifth Most Visited Home Depot in Indiana
Shopping Strip
Home Depot and Target Shadow-Anchored Center | Epicenter of Retail Corridor
Listing Price: $3,190,000
Investment Highlights
- 93% Leased Shopping Center Featuring a Complementary Mix of Community-Oriented Businesses
- Opportunity to Add Value by Leasing the Remaining 2,000 Vacant Square Feet Located in the Outlot Building
- Opportunity to Substantially Increase the Base Rent on Suite 2895 when Re-tenanting at Market Rent | Achieve Stabilized Cap Rate Over 10%
- Property is Priced Well Below Replacement Cost at Only $108.74 per Square Foot
- Shadow-Anchored by Home Depot and Target | Highly Frequented Locations [1]
- The Home Depot Location is the Fifth Most Visited Home Depot in Indiana
Investment Overview
Situated in the bustling retail corridor of Merrillville, this 93% leased shopping center offers a unique blend of community-oriented businesses, creating a vibrant and welcoming atmosphere. National tenant Nothing Bundt Cakes shares the space with beloved local tenants such as Palermo's of 63rd, Hair to Beauty, HassleLess Mattress, and Sports & Collecti-Balls. The property presents an exciting opportunity to add value by leasing the remaining 2,000 vacant square feet in the Outlot Building. Additionally, the base rent on Suite 2895 can be substantially increased by re-tenanting at market rent, resulting in a stabilized cap rate over 10%. Remarkably priced at only $108.74 per square foot, this property is well below replacement cost. Adding to its appeal, the shopping center benefits from its strategic location, being shadow-anchored by popular retailers Home Depot and Target. These highly frequented locations attract a significant footfall, with the Target store alone recording 1.4 million visits in the last 12 months. The Home Depot store also boasts being the fifth most visited Home Depot in Indiana. Furthermore, the property's proximity to the Southlake Mall, a super-regional mall, is a significant advantage. With over 150 stores and prominent anchor tenants such as Kohl's, JCPenney, Macy's, H&M, and Forever 21, the Southlake Mall draws a massive crowd, with 3.3 million visits in the last 12 months. Notable entertainment options and popular retail brands like AMC Theatres, Cooper's Hawk Winery, Express, and Victoria's Secret further enhance the mall's appeal. Convenience is a key feature of this property, as it is located just one mile from the Interstate 65 interchange, with an impressive traffic flow of 102,870 vehicles per day. The shopping center occupies a signalized, hard corner intersection at East 81st Avenue and Mall Entrance 5, where an average of 36,228 vehicles pass by daily, ensuring excellent visibility and accessibility. Moreover, the property's proximity to several popular Indiana attractions adds to its allure. The renowned Hard Rock Casino Northern Indiana is just 10 miles away, offering a $300 million casino experience, 200 hotel rooms, and attracting 2.2 million annual visitors. The Indiana Dunes National Park, located 13 miles from the shopping center, entices 3.18 million annual visitors with its natural beauty and recreational opportunities. Additionally, the Gary/Chicago International Airport (GYY) is only 16 miles away, providing a full-service airport catering to corporate, commercial, and cargo users, with an average of 52 flights per day. In summary, this property offers an exceptional investment opportunity with its high occupancy rate, a diverse mix of community-oriented businesses, and potential for increased value through leasing and re-tenanting. Its strategic location, surrounded by major retail anchors, and its proximity to popular attractions and convenient transportation routes make it a prime choice for investors seeking a lucrative venture in the thriving retail market of Merrillville.

