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Shopping Strip

Oak Ridge Shoppes | Indianapolis MSA

631 IN-32, Westfield, IN 46074

Listing Price: $6,698,976

Cap Rate
6.25%
Gross SF
13,350
Rentable SF
13,350
Price/Gross SF
$501.80
Lot Size
2.25 acres
Year Built
2019

Investment Overview

Marcus and Millichap is pleased to exclusively offer the the newly constructed Oak Ridge Shoppes situated directly in a prime commercial node of Westfield, IN. The subject property is located between two signalized intersections on State Highway 32 experiencing an average traffic volume of 22,000+ vehicles per day. The minimal landlord responsibilities include maintaining roof and structure which are brand new. The average lease term remaining is 7.5 years at a rate of $31.36/SF totaling a current pro forma annual rent of $418,686. Oak Ridge Shoppes is located in a booming area of new commercial and residential developments. The property is nearby the entrance to the Grand Park Sports Campus, a 400- acre park featuring 31 multipurpose fields for soccer, football, and lacrosse. The Oak Ridge Shoppes will experience increased traffic from a newly built Meijer less than 0.5 Miles down the road. It is anticipated that in 2021 multiple credit tenants will be constructed nearby including a CVS Pharmacy, Chipotle, and Chick-Fil-A, in addition to a 200+ Unit Apartment Community.

Investment Highlights

  • Ideal for Out-of-State Investors | Tenants are Responsible for Maintenance, Taxes, Insurance, and an Admin Fee
  • Indianapolis MSA | Located in the Heart of High-Growth Area & Median Household Income = $100K+ (One of Indiana's Fastest Growing Communities)
  • Adjacent to Property: 435+ Apt Units, National Retailers, Credit Tenants, and 100+ Townhomes (Coming 2021)
  • Newly Built Shopping Center | Oak Ridge Shoppes' Modern Façade was Completed in 2019
  • Attractive, Recession-Resistant Tenant Mix with Value-Add Potential
  • Ranked as One of Indiana's Fastest Growing Communities Among Those with a Population of at Least 5,000 Residents
  • Attractive Rental Increases | Most Tenants Rents Increase Every Five (5) Years Including Option Periods
  • High-profile Intersection of State Highway 32 and Oak Rige Road (Traffic Signal); High Vehicular and Pedestrian Accessibility

Exclusively Listed By

  • Rob Narchi

    Senior Vice President Investments

    (310) 909-5426

    Email Rob

    License(s): CA: 01788517, CA: 01324570

    West Los Angeles

Broker of Record

  • Josh Caruana

    First Vice President/Regional Manager

    License(s): IN: RB14034355

    Indiana

Shopping Strip

Oak Ridge Shoppes | Indianapolis MSA

Listing Price: $6,698,976

Cap Rate
6.25%
Gross SF
13,350
Rentable SF
13,350
Price/Gross SF
$501.80
Lot Size
2.25 acres
Year Built
2019

Investment Highlights

  • Ideal for Out-of-State Investors | Tenants are Responsible for Maintenance, Taxes, Insurance, and an Admin Fee
  • Indianapolis MSA | Located in the Heart of High-Growth Area & Median Household Income = $100K+ (One of Indiana's Fastest Growing Communities)
  • Adjacent to Property: 435+ Apt Units, National Retailers, Credit Tenants, and 100+ Townhomes (Coming 2021)
  • Newly Built Shopping Center | Oak Ridge Shoppes' Modern Façade was Completed in 2019
  • Attractive, Recession-Resistant Tenant Mix with Value-Add Potential
  • Ranked as One of Indiana's Fastest Growing Communities Among Those with a Population of at Least 5,000 Residents
  • Attractive Rental Increases | Most Tenants Rents Increase Every Five (5) Years Including Option Periods
  • High-profile Intersection of State Highway 32 and Oak Rige Road (Traffic Signal); High Vehicular and Pedestrian Accessibility

Investment Overview

Marcus and Millichap is pleased to exclusively offer the the newly constructed Oak Ridge Shoppes situated directly in a prime commercial node of Westfield, IN. The subject property is located between two signalized intersections on State Highway 32 experiencing an average traffic volume of 22,000+ vehicles per day. The minimal landlord responsibilities include maintaining roof and structure which are brand new. The average lease term remaining is 7.5 years at a rate of $31.36/SF totaling a current pro forma annual rent of $418,686. Oak Ridge Shoppes is located in a booming area of new commercial and residential developments. The property is nearby the entrance to the Grand Park Sports Campus, a 400- acre park featuring 31 multipurpose fields for soccer, football, and lacrosse. The Oak Ridge Shoppes will experience increased traffic from a newly built Meijer less than 0.5 Miles down the road. It is anticipated that in 2021 multiple credit tenants will be constructed nearby including a CVS Pharmacy, Chipotle, and Chick-Fil-A, in addition to a 200+ Unit Apartment Community.

Exclusively Listed By

  • Rob Narchi

    Senior Vice President Investments

    (310) 909-5426

    Email Rob

    License(s): CA: 01788517, CA: 01324570

    West Los Angeles

Broker of Record

  • Josh Caruana

    First Vice President/Regional Manager

    License(s): IN: RB14034355

    Indiana

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