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Shopping Strip

Michigan Road Shoppes

8752 N Michigan Rd, Indianapolis, IN 46268

Listing Price: $7,900,000

Cap Rate
0.03%
Gross SF
114,968
Rentable SF
114,968
Price/Gross SF
$68.71
Lot Size
10.87 acres
Year Built
1976

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present for sale Michigan Road Shoppes, a 114,968-square foot retail shopping center in Indianapolis, Indiana. Built in 1976 and renovated in 2006, Michigan Road Shoppes sits on 3 parcels totaling 10.87 acres of prime real estate at the intersection of West 86th Street and Michigan Road; near an interchange for I-465. VALUE-ADD INVESTMENT OPPORTUNITY | NEW TENANT LEASE PENDING Michigan Road Shoppes consists of a 113,118-square foot shopping center that is twenty-nine (29) percent leased (former JC Penney box) plus a ground leased, free-standing White Castle outparcel that has been operating at this location since 1998. Additional tenants at the subject property include Family Time Games, Tae Kwon Do, Subway, Foot Fitness and Painting with a Twist. Potential investors should note that ownership is currently in the process of negotiating a lease for a 15,765-square foot portion of the former JC Penney vacant space. The JC Penney vacant space has significant presence along Michigan Road with 475 feet of linear frontage and a bay depth of 194 feet. SIGNALIZED INTERSECTION | MULTIPLE POINTS OF INGRESS/EGRESS Michigan Road Shoppes is located in between the signalized intersections of Michigan Road and Vincennes Road to the north and Michigan Road and West 86th Street (42,455 VPD) to the south and features multiple points of ingress/egress. This entire intersection boundary is approximately twenty acres, of which the subject property takes up over fifty percent and consists of additional outparceled retailers such as Panda Express, Verizon, Blaze Pizza, Denny’s, Steak ‘N Shake, Citgo, Meineke Car Care Center, Crafty Crab Seafood and an In-Town Suites Extended Stay

Investment Highlights

  • Multi-Tenant Retail Center | 114,968 Sq. Ft. | 10.87 Acres (3 Parcels)
  • Significant Value-Add Opportunity | 13-Percent Leased | Recent Leasing Activity
  • Former JC Penney Box (99,704 SF) + Retail Strip + Ground Leased White Castle Outparcel
  • Vacant Box Has Strong Presence With 475 Feet of Linear Frontage Along Major Retail Commercial Corridor
  • Family Time Fitness, Tae Kwon Do, Subway, Foot Fitness, Painting with a Twist, White Castle
  • Between Two (2) Signalized Intersections | 42,455 Vehicles Per Day on W 86th Street | Multiple Points of Ingress/Egress
  • Major Retail Corridor: Costco, Walmart Supercenter, Trader Joe's, Chick-Fil-A, Home Depot, Lowe's Home Improvement, At Home, Big Lots
  • Two (2) Miles from Ascension St. Vincent Hospital | 770 Beds | 3.59 Million Visits Per Year (Source: Placer Ai)

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Listing Price: $7,900,000

Cap Rate
0.03%
Gross SF
114,968
Rentable SF
114,968
Price/Gross SF
$68.71
Lot Size
10.87 acres
Year Built
1976

Investment Highlights

  • Multi-Tenant Retail Center | 114,968 Sq. Ft. | 10.87 Acres (3 Parcels)
  • Significant Value-Add Opportunity | 13-Percent Leased | Recent Leasing Activity
  • Former JC Penney Box (99,704 SF) + Retail Strip + Ground Leased White Castle Outparcel
  • Vacant Box Has Strong Presence With 475 Feet of Linear Frontage Along Major Retail Commercial Corridor
  • Family Time Fitness, Tae Kwon Do, Subway, Foot Fitness, Painting with a Twist, White Castle
  • Between Two (2) Signalized Intersections | 42,455 Vehicles Per Day on W 86th Street | Multiple Points of Ingress/Egress
  • Major Retail Corridor: Costco, Walmart Supercenter, Trader Joe's, Chick-Fil-A, Home Depot, Lowe's Home Improvement, At Home, Big Lots
  • Two (2) Miles from Ascension St. Vincent Hospital | 770 Beds | 3.59 Million Visits Per Year (Source: Placer Ai)

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present for sale Michigan Road Shoppes, a 114,968-square foot retail shopping center in Indianapolis, Indiana. Built in 1976 and renovated in 2006, Michigan Road Shoppes sits on 3 parcels totaling 10.87 acres of prime real estate at the intersection of West 86th Street and Michigan Road; near an interchange for I-465. VALUE-ADD INVESTMENT OPPORTUNITY | NEW TENANT LEASE PENDING Michigan Road Shoppes consists of a 113,118-square foot shopping center that is twenty-nine (29) percent leased (former JC Penney box) plus a ground leased, free-standing White Castle outparcel that has been operating at this location since 1998. Additional tenants at the subject property include Family Time Games, Tae Kwon Do, Subway, Foot Fitness and Painting with a Twist. Potential investors should note that ownership is currently in the process of negotiating a lease for a 15,765-square foot portion of the former JC Penney vacant space. The JC Penney vacant space has significant presence along Michigan Road with 475 feet of linear frontage and a bay depth of 194 feet. SIGNALIZED INTERSECTION | MULTIPLE POINTS OF INGRESS/EGRESS Michigan Road Shoppes is located in between the signalized intersections of Michigan Road and Vincennes Road to the north and Michigan Road and West 86th Street (42,455 VPD) to the south and features multiple points of ingress/egress. This entire intersection boundary is approximately twenty acres, of which the subject property takes up over fifty percent and consists of additional outparceled retailers such as Panda Express, Verizon, Blaze Pizza, Denny’s, Steak ‘N Shake, Citgo, Meineke Car Care Center, Crafty Crab Seafood and an In-Town Suites Extended Stay

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s): IN: RB14034355

    Indiana

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