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Classic Auction - Retail

Castleton Place - Indianapolis, IN

5900 East 82nd Street, Indianapolis, IN 46250

ClosedJuly 17th, 2020
This asset was part of the June 3rd, 2020 sale event, resulting in a successful transaction that closed in just 44 days.

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  • Asset Type
  • Real Estate
  • Property Type
  • Retail
  • Land Area
  • 3.38 Acres
  • Year Built
  • 1980
  • Number of Floors
  • 1
  • Number of Buildings
  • 1
  • Parking Count
  • 205
  • Occupancy
  • 32.87%
  • Occupancy as of
  • Feb 29, 2020
  • Retail Type
  • Freestanding Retail
  • Anchor
  • Shadowed
  • Anchor Tenant(s)
  • Men's Warehouse
  • Property Size
  • 47,108 Sq Ft

Value-Add Outparcel | Castleton Place | 47,108 SF on 3.38 AC | Indianapolis, IN

Investment Highlights

  • Cash flowing asset with significant value creation via vacancy absorption and/or long-term repositioning
  • Prime retail outparcel anchored by Best Buy and Castleton Square Mall (±1.3M SF Simon-owned mall) with instant consumer draw
  • Prime frontage & visibility in high traffic area with ±34,939 VPD on 82nd St and adjacent to I-465 exit with over ±158K VPD
  • Dense trade area with regional draw of ±170,400 people with an avg HH income of ±$98,500 (5-mile radius)

 

Offering Details

CBRE and RealINSIGHT Marketplace are proud to offer Castleton Place (the ‘Property’), a neighborhood retail center located at 5900 E 82nd Street in Indianapolis, IN. Strategically positioned as an outparcel to Castleton Square Mall with prime visibility from I-465, Castleton Place presents investors with the opportunity to acquire a ±33% occupied retail center with significant upside opportunities via vacancy absorption and/or long-term repositioning.

Constructed in 1980, the Property has nine retail units ranging in size from ±1,325 SF to ±16,800 SF. The Property is anchored by The Men’s Wearhouse which contributes to nearly ±17% of the center’s GLA and has been in place since 1993. Castleton Place is currently ±32.87% leased and offers value-add through lease-up of the vacant in-line mid-box space totaling ±16,800 SF which can also be combined for a contiguous ±30K SF. This vacancy offers a prime opportunity for a user to backfill the space. The Property offers over $350k of total revenue with additional upside via contractual increases/renewals of the existing tenancy. The other retail shops are occupied by longstanding service-oriented, e-commerce resistant tenants, including a tailor, computer store/repair shop, and music/video store. The Property benefits from long term tenancy and staggered lease expirations which provide a balance of stable cash flow and future upside.

Situated on one parcel totaling 3.38, this Property offers abundant parking and identifies tenants with prominent signage on the heavily trafficked E 82nd Street (±34K VPD). The Property offers frontage on a main area thoroughfare at the entrance to Castleton Square Mall, the largest mall in the state of Indiana, serving the northern Indianapolis metro area, which includes the affluent communities of Carmel, Fishers, and Noblesville. This ±1,383,000 SF indoor climate-controlled mall boasts three major department stores, a food court, play area, and specialty shops ranging from jewelry to women’s fashions to sporting goods. Among the 130 stores, this shopping magnet features Macy’s, Forever 21, H&M, Build-A-Bear Workshop, and Lego and offers an immediate consumer base to the Property.

Castleton Place is located in Marion County within the Northeast County Submarket just 25 minutes from downtown Indianapolis. The Castleton area has long been a proven suburban retail destination, drawing consumers from a wide radius throughout Indianapolis’s affluent suburbs. Castleton Place is located in the area’s premier retail corridor and to the west of the Property is Best Buy and to the east is Longhorn Steakhouse. Castleton Place is located amongst big-box retailers including Best Buy, Floor & Decor, Tesla, Dave & Buster’s, Haverty’s Furniture, Guitar Center, and Harbor Freight to name a few. The retail corridor is also home to countless restaurants, QSRs, and banking institutions and offers prime positioning with an immediate consumer draw with daily site visits. Castleton Place benefits from excellent visibility, accessibility and multiple points of ingress/egress. The Property’s location in one of Indianapolis’s main commercial districts ensures continued consumer demand and future retailer interest as evidenced by the long term tenancy. The Property benefits its location just off I-465 with high traffic counts (over ±158K VPD in 2018). The surrounding area boasts a dense and compelling middle-income population within five miles of the center; in 2019, there were an estimated ±170,419 residents enjoying average household incomes of $98,587.
 

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

ClosedJuly 17th, 2020
This asset was part of the June 3rd, 2020 sale event, resulting in a successful transaction that closed in just 44 days.

Ready to sell your asset on the platform with the highest trade rate in the industry?
Get Started Today!

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

Auctioneer

  • Dennis Jackson

    c/o Fisher Auction Company Inc.

    License: AU01014422