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Shopping Strip

Meadows Shopping Center

2800 Poplar St, Terre Haute, IN 47803

Listing Price: $4,915,000

Cap Rate
10.20%
Gross SF
168,308
Rentable SF
168,308
Price/Gross SF
$29.20
Lot Size
18.89 acres
Year Built
1960

Investment Overview

Marcus & Millichap is pleased to present the fee simple interest in Meadows Shopping Center in Terre Haute, Indiana. The 165,308 sqft shopping center is currently seventy-five percent occupied with a strong retail and service-oriented tenant mix. Dollar General, Ace Hardware, First Financial Bank, MCL Restaurant & Bakery anchor the center and are complimented by local and regional tenants. Dollar General has a long historical occupancy of almost twenty years at the site and operates at a 4% rent to sales ratio. Meadows has shown tremendous leasing velocity in the past five years with a number of tenants joining the long-term anchors. The recently vacated SteinMart was backfilled with Ace Hardware and the remaining 20,000 square feet are currently being remodeled to accommodate 10 smaller suites which already have interested tenants. As an attractive bonus to the tenants, in years past the center has hosted popular local festivals like Oktoberfest in the spacious. There is tremendous upside in the center through leasing the remaining 16 suites, converting the leases to triple net, and carving off the First Financial Bank who has been at the center since 1992. The property is supported by over 71,881 people living within five miles. Local traffic drivers include Baesler’s Market, Kroger, Rural King, Old National Bank, and Woodrow Wilson Middle School among many others. Terre Haute is a primary retail market as it serves the MSA for western Indiana and eastern Illinois serving approximately 480,000 people with over 2 million square feet of retail space. Terre Haute is also home to many established businesses and universities including Union Hospital, First Financial Bank Headquarters, Indiana State University (12,000+students), Rose-Hulman, Ivy Tech, and Saint Mary of the Woods College.

Investment Highlights

  • 168,308 Square Foot Shopping Center featuring Dollar General, Ace Hardware, MCL Restaurant & Bakery, First Financial Bank & Many More
  • Excellent Leasing Momentum | Value Add in Remaining 16 Vacant Suites (10 of them are Currently being Remodeled)
  • 74.96% Occupancy | Immediate Upside in Leasing Existing Vacancies, Parceling Out, Build-to-Suit on Vacant Land, and Converting to NNN leases
  • 78,881 Residents within 5 Miles | 5- Mile Average HH Income of $56,245
  • Property Hosts Local Festivals in the Spacious Parking Lot (Oktoberfest, etc.) | Great Publicity for Tenants
  • Local Traffic Drivers Include Baesler's Market, Kroger, Rural King, Old National Bank, & Wilson Middle School among many others
  • College Town | Home to Four Universities including Indiana State (12,000+ students) and Rose-Hulman

Exclusively Listed By

Shopping Strip

Meadows Shopping Center

Listing Price: $4,915,000

Cap Rate
10.20%
Gross SF
168,308
Rentable SF
168,308
Price/Gross SF
$29.20
Lot Size
18.89 acres
Year Built
1960

Investment Highlights

  • 168,308 Square Foot Shopping Center featuring Dollar General, Ace Hardware, MCL Restaurant & Bakery, First Financial Bank & Many More
  • Excellent Leasing Momentum | Value Add in Remaining 16 Vacant Suites (10 of them are Currently being Remodeled)
  • 74.96% Occupancy | Immediate Upside in Leasing Existing Vacancies, Parceling Out, Build-to-Suit on Vacant Land, and Converting to NNN leases
  • 78,881 Residents within 5 Miles | 5- Mile Average HH Income of $56,245
  • Property Hosts Local Festivals in the Spacious Parking Lot (Oktoberfest, etc.) | Great Publicity for Tenants
  • Local Traffic Drivers Include Baesler's Market, Kroger, Rural King, Old National Bank, & Wilson Middle School among many others
  • College Town | Home to Four Universities including Indiana State (12,000+ students) and Rose-Hulman

Investment Overview

Marcus & Millichap is pleased to present the fee simple interest in Meadows Shopping Center in Terre Haute, Indiana. The 165,308 sqft shopping center is currently seventy-five percent occupied with a strong retail and service-oriented tenant mix. Dollar General, Ace Hardware, First Financial Bank, MCL Restaurant & Bakery anchor the center and are complimented by local and regional tenants. Dollar General has a long historical occupancy of almost twenty years at the site and operates at a 4% rent to sales ratio. Meadows has shown tremendous leasing velocity in the past five years with a number of tenants joining the long-term anchors. The recently vacated SteinMart was backfilled with Ace Hardware and the remaining 20,000 square feet are currently being remodeled to accommodate 10 smaller suites which already have interested tenants. As an attractive bonus to the tenants, in years past the center has hosted popular local festivals like Oktoberfest in the spacious. There is tremendous upside in the center through leasing the remaining 16 suites, converting the leases to triple net, and carving off the First Financial Bank who has been at the center since 1992. The property is supported by over 71,881 people living within five miles. Local traffic drivers include Baesler’s Market, Kroger, Rural King, Old National Bank, and Woodrow Wilson Middle School among many others. Terre Haute is a primary retail market as it serves the MSA for western Indiana and eastern Illinois serving approximately 480,000 people with over 2 million square feet of retail space. Terre Haute is also home to many established businesses and universities including Union Hospital, First Financial Bank Headquarters, Indiana State University (12,000+students), Rose-Hulman, Ivy Tech, and Saint Mary of the Woods College.

Exclusively Listed By

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