Receivership Sale | 97% Occupied Kroger-Anchored Shopping Center

Property Highlights: 

• Kroger Anchor: 74% of GLA, 60% Income: Long-standing operator generates 877K annual visits, in the top 25% of the chain on visits per SF.
• 97% Occupied with 6 National Brand Tenants: Roster includes Papa John's, H&R Block, and Humana CenterWell across 94% of leased GLA.
• New 7-Year Humana CenterWell NNN Lease: Senior Primary Care provider at $16/SF brings consistent medical foot traffic to the center.
• 550 Ft Frontage on 20,700 VPD Corridor: Signalized entry on W. Washington Street arterial linking Downtown Indianapolis to I-465.
• 100% NNN Leases: 91.4% Expense Recovery: Tenant-paid taxes, insurance, and CAM deliver predictable cash flow with minimal landlord burden.
• 13.4% MSA Population Growth Since 2010: Densely populated Indianapolis trade area with a 1,900 SF vacancy providing lease-up upside.

Offering Summary:

Marcus & Millichap, in partnership with RealINSIGHT Marketplace, is pleased to present Westgate Plaza, a 66,469 SF grocery-anchored community shopping center in the heart of Indianapolis, Indiana. The Property is 97% occupied and anchored by a long-standing Kroger that occupies 74% of GLA, contributes 60% of gross income, and generates approximately 877,000 annual customer visits, ranking in the top 25% nationally on a visits-per-SF basis. The Kroger fuel outparcel and drive-thru pharmacy enhance customer draw, while a newly signed 7-year lease with Humana CenterWell Senior Primary Care at $16/SF NNN adds a strong medical traffic component. Five long-standing small-shop tenants, including Papa John's and H&R Block, contribute stable, recurring income, and 6 of 7 tenants occupying 94% of GLA are national brands. All tenants are on NNN leases with 91.4% recovery of landlord expenses, delivering operational efficiency and upside through the lease-up of a 1,900 SF vacancy. Strategically located 0.8 miles from I-465 along the high-traffic W. Washington Street corridor (20,700 VPD) with 550 feet of frontage and a signalized entrance, the Property sits in a densely populated trade area within an Indianapolis MSA that has grown 13.4% since 2010. Priced well below replacement cost, Westgate Plaza is positioned for durable cash flow and long-term value creation.

Location:

Westgate Plaza fronts 550 feet along W. Washington Street (20,700 VPD), the primary east-west arterial connecting Downtown Indianapolis with I-465 just 0.8 miles to the west. The signalized entry, Kroger fuel outparcel, and drive-thru pharmacy anchor a densely populated trade area, with major national retailers nearby in a fast-growing Indianapolis MSA up 13.4% since 2010.

• 0.8 mi Distance to I-465 interchange
• 20,700 Vehicles per day on W. Washington St
• 13.4% Indy MSA population growth since 2010