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Shopping Strip

Meridian Oaks

172 Melody Ave, Greenwood, IN 46142

Listing Price: $3,487,000

Cap Rate
7.50%
Gross SF
14,280
Rentable SF
14,280
Price/Gross SF
$244.19
Lot Size
2.61 acres
Year Built
1995

Investment Overview

The DiSalvo Group, in partnership with the Dumes Group of Marcus & Millichap, is pleased to present to the market the Meridian Oaks Shopping Center in Greenwood, Indiana, a southern submarket within the Indianapolis, IN MSA. The Subject Property is on the northeast corner of Main Street and Indiana 135, which has over 35,000 vehicles per day pass the site. Indiana 135 is one of the densest commercial corridors in Greenwood with a plethora of regional and national retailers including Meijer, Menards, Home Depot, a Walmart Supercenter, and Target within immediate proximity of the Subject Property. Indiana 135 runs north-south and connects Greenwood to Indianapolis less than ten miles north of the Subject Property. Meridian Oaks Shopping Center is currently fully occupied by a strong mix of four regional and local tenants with varying histories at this shopping center. The two anchor tenants are Big Red Liquors, which has been at this location for over ten years and recently underwent an expansion within the past five years due to the demand and success in this location, and El Toro Bravo, which is a brand-new restaurant tenant in the northernmost space of the center that has been a restaurant space for a number of years. El Toro comes with a very strong private guarantee and extremely successful history with over ten other locations. The Meridian Oaks Shopping Center is located in a premier retail location along a strong corridor in the heart of the Greenwood submarket of Indianapolis and is fully-occupied by strong mix of tenants all on triple-net leases, which should provide the Investor with strong passive cash flow coupled with upside potential in the well-below market rents on the Mr. Quik space in the Center. Additionally, the Property has benefited from a new parking lot, new roof, new and upgraded HVAC systems, and new façade on the Property all within the last five years. The anchor restaurant space has had to be backfilled due to previous tenants suffering from the COVID pandemic, and in the process of backfilling that space the Sellers received over five offers from restaurant tenants at or near the exact terms signed by El Toro for the space in “as-is” condition, proving incredibly strong real estate fundamentals. With great fundamentals, below-market rents, and a stable tenant mix on triple-net leases, the Meridian Oaks Shopping Center should prove to be an excellent investment for the savvy Investor.

Investment Highlights

  • Fully-Occupied Multi-Tenant Retail Strip Center
  • Anchored by Brand New 10-Year NNN Lease with Strong Restaurant Operator
  • New Roof, Façade, HVAC and Parking Lot within the Past Five Years
  • Upside Potential in Below Market Rents in Smaller Units
  • Excellent Location Along IN-135 with Immediate Proximity to Meijer, Menards, Home Depot and Walmart

Exclusively Listed By

Shopping Strip

Meridian Oaks

Listing Price: $3,487,000

Cap Rate
7.50%
Gross SF
14,280
Rentable SF
14,280
Price/Gross SF
$244.19
Lot Size
2.61 acres
Year Built
1995

Investment Highlights

  • Fully-Occupied Multi-Tenant Retail Strip Center
  • Anchored by Brand New 10-Year NNN Lease with Strong Restaurant Operator
  • New Roof, Façade, HVAC and Parking Lot within the Past Five Years
  • Upside Potential in Below Market Rents in Smaller Units
  • Excellent Location Along IN-135 with Immediate Proximity to Meijer, Menards, Home Depot and Walmart

Investment Overview

The DiSalvo Group, in partnership with the Dumes Group of Marcus & Millichap, is pleased to present to the market the Meridian Oaks Shopping Center in Greenwood, Indiana, a southern submarket within the Indianapolis, IN MSA. The Subject Property is on the northeast corner of Main Street and Indiana 135, which has over 35,000 vehicles per day pass the site. Indiana 135 is one of the densest commercial corridors in Greenwood with a plethora of regional and national retailers including Meijer, Menards, Home Depot, a Walmart Supercenter, and Target within immediate proximity of the Subject Property. Indiana 135 runs north-south and connects Greenwood to Indianapolis less than ten miles north of the Subject Property. Meridian Oaks Shopping Center is currently fully occupied by a strong mix of four regional and local tenants with varying histories at this shopping center. The two anchor tenants are Big Red Liquors, which has been at this location for over ten years and recently underwent an expansion within the past five years due to the demand and success in this location, and El Toro Bravo, which is a brand-new restaurant tenant in the northernmost space of the center that has been a restaurant space for a number of years. El Toro comes with a very strong private guarantee and extremely successful history with over ten other locations. The Meridian Oaks Shopping Center is located in a premier retail location along a strong corridor in the heart of the Greenwood submarket of Indianapolis and is fully-occupied by strong mix of tenants all on triple-net leases, which should provide the Investor with strong passive cash flow coupled with upside potential in the well-below market rents on the Mr. Quik space in the Center. Additionally, the Property has benefited from a new parking lot, new roof, new and upgraded HVAC systems, and new façade on the Property all within the last five years. The anchor restaurant space has had to be backfilled due to previous tenants suffering from the COVID pandemic, and in the process of backfilling that space the Sellers received over five offers from restaurant tenants at or near the exact terms signed by El Toro for the space in “as-is” condition, proving incredibly strong real estate fundamentals. With great fundamentals, below-market rents, and a stable tenant mix on triple-net leases, the Meridian Oaks Shopping Center should prove to be an excellent investment for the savvy Investor.

Exclusively Listed By

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