Currently vacant, properties will be sold in five separate auctions in early December, offering incredible opportunity to value-add investors
NEW YORK (November 26, 2018) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group is marketing five separate, vacant Indiana retail properties. The five properties range in size from 14,000 to 80,000 square feet, and are located in Indianapolis, Richmond, Muncie and Lafayette, Indiana. The Mission Capital team of Will Sledge, Kyle Kaminski, and Rob Beyer is marketing the offerings on behalf of the seller, a CMBS special servicer. Each of the properties will be auctioned individually on the RealINSIGHT Marketplace platform, with the bidding window opening on December 3 and closing on December 5.
All five of the properties were previously occupied by the Marsh grocery chain – or its LoBill Foods brand – which filed for bankruptcy protection in 2017 and was subsequently liquidated. All five of the buildings are fully vacant.
“For value-add investors, these properties offer an excellent opportunity to acquire assets with significant upside at a very low basis,” said Kaminski. “Several of the retail centers are located in strong commercial and residential districts, and strategic investors will be able to capitalize on their significant potential. The seller is highly motivated to find buyers for all five properties, and we anticipate interest from both local and national buyers seeking opportunistic investments.”
The properties include:
- 10901 East Washington Street in Indianapolis is an 80,000-square-foot, single-story retail property. Constructed in 1992, the building sits on an eight-acre lot, and is ideally located just east of the Washington Plaza Mall, and is surrounded by a wide range of national tenants including Walmart, Dairy Queen, Arby’s and GameStop. The property is also within minutes of Interstates 70 and 465.
- 3825 State Road 26 East in Lafayette is an 80,064-square-foot, single-story, big-box retail property. The structure was built in 1995 and is situated on a 12-acre lot adjacent to a Sam’s Club and across the street from the Lafayette Pavilions local shopping mall. The property is situated in a prime enclave of Lafayette, surrounded by a largely residential neighborhood that also features several hotels and numerous retail and dining options.
- Built in 1980, 3910 West Bethel Pike in Muncie is a 50,042-square-foot, single-tenant property in a prime area that features a range of shopping and dining options. With convenient local access, the property is ideally suited for retail uses, and housed a short-term Halloween-focused retailer this fall. Located approximately two miles from Ball State University, in an area marked by significant tech job growth, the property should generate significant leasing interest from national and local tenants looking to expand in one of Muncie’s strongest retail submarkets.
- 1301 South East Street in Richmond is a 14,737-square-foot, single-story building. The single-tenant structure was built in 1950 and is ideally suited for a buyer open to acquiring a well-located commercial property at a low basis with an eye toward redevelopment.
- 1920 South Hoyt Avenue in Muncie is a 60,072-square-foot, two-building retail/commercial property. The two properties include a single-story, 45,000-square-foot building, constructed in 1978, and a two-story commercial building, which was built in 2017 and measures approximately 15,000 square feet. The layout of the property affords an investor flexibility for either single-tenant or multi-tenant usage.
About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York, Florida, Texas, California and Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.missioncap.com.
About RealINSIGHT Marketplace
RealINSIGHT Marketplace is one of the nation’s leading online due diligence and auction bid platforms. RealINSIGHT provides local, regional, national, and international investors the opportunity to review and bid for loan and REO assets on an individual basis. For more information, visit marketplace.realinsight.com.