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Shopping Strip

Greensburg Plaza | National & Regional Tenant Mix | Vacancy Upside | Long-Term Tenant Occupancy

1903 N Lincoln St, Greensburg, IN 47240

Listing Price: $2,670,000

Cap Rate
7.61%
Gross SF
20,955
Rentable SF
20,955
Price/Gross SF
$127.42
Lot Size
2.85 acres
Year Built
1963

Investment Overview

Marcus & Millichap has been retained as exclusive advisor to market for sale Greensburg Plaza, a 20,955-square-foot retail shopping center located in Greensburg, Indiana, a community directly along Interstate 74 equidistant between Indianapolis & Cincinnati and home to one of Honda’s newest US manufacturing plants comprising of 2.5 million square feet with a total capital investment of $1.3 billion.

Greensburg Plaza features six retail suites with service-related, internet-resistant tenants with long-term historical occupancy as seventy-eight percent of the shopping center’s tenant base has been operating onsite for over nine years. All of the property’s tenants are on triple-net leases allowing full pass-thru of common area maintenance, property taxes, & insurance costs. There is 3,750 square feet of vacant space ready to be leased at the subject site offering an incoming investor the ability to enhance cash flow & property value through operational lease-up.

Greensburg is just 40 miles from Indianapolis, Indiana and Cincinnati, Ohio and serves as the county seat of Decatur County comprising of local government & Decatur County Memorial Hospital. Major employers in the community include Honda, Delta Faucet, Valeo Engine Cooling, KB Specialty Foods & Hitachi Powdered Metals.

The subject property offers immediate cash flow through a mostly corporate tenant roster with proven performance at the subject site & previous renewal options being exercised by nearly all of the current tenants. This established retail center with competitive rental rates and an ability to quickly add value through the lease-up of 18% of the shopping center’s total gross leasable area should be appealing to proactive investors seeking both, immediate yield and capital appreciation attributes.

Investment Highlights

  • VALUE-ADD INVESTMENT OPPORTUNITY AT 82 PERCENT OCCUPANCY WITH CURRENT WALT OF APPROXIMATELY FOUR YEARS
  • 78 PERCENT OF THE SHOPPING CENTER'S TENANT BASE HAS BEEN OPERATING AT THIS LOCATION FOR OVER A NINE YEARS
  • SURROUNDED BY VARIOUS NATIONAL RETAILERS: RURAL KING, STARBUCKS, MCDONALD'S, DUNKIN, CVS, TACO BELL, KFC, DOLLAR GENERAL, ALDI, VERIZON, PIZZA HUT, AUTOZONE AND MORE
  • ALL TENANTS OPERATING UNDER TRIPLE NET-LEASES WITH EXPENSE REIMBURSEMENTS
  • LIMITED MARKET COMPETITION AND RESILIENT TENANT ROSTER WITH TENANTS THAT HAVE SHOWN STRONG COMMITMENT TO THE SUBJECT SITE

Exclusively Listed By

Shopping Strip

Greensburg Plaza | National & Regional Tenant Mix | Vacancy Upside | Long-Term Tenant Occupancy

Listing Price: $2,670,000

Cap Rate
7.61%
Gross SF
20,955
Rentable SF
20,955
Price/Gross SF
$127.42
Lot Size
2.85 acres
Year Built
1963

Investment Highlights

  • VALUE-ADD INVESTMENT OPPORTUNITY AT 82 PERCENT OCCUPANCY WITH CURRENT WALT OF APPROXIMATELY FOUR YEARS
  • 78 PERCENT OF THE SHOPPING CENTER'S TENANT BASE HAS BEEN OPERATING AT THIS LOCATION FOR OVER A NINE YEARS
  • SURROUNDED BY VARIOUS NATIONAL RETAILERS: RURAL KING, STARBUCKS, MCDONALD'S, DUNKIN, CVS, TACO BELL, KFC, DOLLAR GENERAL, ALDI, VERIZON, PIZZA HUT, AUTOZONE AND MORE
  • ALL TENANTS OPERATING UNDER TRIPLE NET-LEASES WITH EXPENSE REIMBURSEMENTS
  • LIMITED MARKET COMPETITION AND RESILIENT TENANT ROSTER WITH TENANTS THAT HAVE SHOWN STRONG COMMITMENT TO THE SUBJECT SITE

Investment Overview

Marcus & Millichap has been retained as exclusive advisor to market for sale Greensburg Plaza, a 20,955-square-foot retail shopping center located in Greensburg, Indiana, a community directly along Interstate 74 equidistant between Indianapolis & Cincinnati and home to one of Honda’s newest US manufacturing plants comprising of 2.5 million square feet with a total capital investment of $1.3 billion. Greensburg Plaza features six retail suites with service-related, internet-resistant tenants with long-term historical occupancy as seventy-eight percent of the shopping center’s tenant base has been operating onsite for over nine years. All of the property’s tenants are on triple-net leases allowing full pass-thru of common area maintenance, property taxes, & insurance costs. There is 3,750 square feet of vacant space ready to be leased at the subject site offering an incoming investor the ability to enhance cash flow & property value through operational lease-up. Greensburg is just 40 miles from Indianapolis, Indiana and Cincinnati, Ohio and serves as the county seat of Decatur County comprising of local government & Decatur County Memorial Hospital. Major employers in the community include Honda, Delta Faucet, Valeo Engine Cooling, KB Specialty Foods & Hitachi Powdered Metals. The subject property offers immediate cash flow through a mostly corporate tenant roster with proven performance at the subject site & previous renewal options being exercised by nearly all of the current tenants. This established retail center with competitive rental rates and an ability to quickly add value through the lease-up of 18% of the shopping center’s total gross leasable area should be appealing to proactive investors seeking both, immediate yield and capital appreciation attributes.

Exclusively Listed By

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