CHICAGO, IL – The Chicago and Indianapolis offices of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Lafayette Marketplace, a 214,876-square-foot power center in Lafayette, Indiana.
Managing director Paul Barile and director Janice Sellis of HFF Chicago, and senior managing director Dave Keller (top left photo) of HFF Indianapolis led the investment sales team on behalf of the seller, Kimco Realty Corporation. Baceline Investments, LLC purchased the property free and clear of debt for $21.38 million.
Lafayette Marketplace is located on State Road 38 across from the Tippecanoe Mall (right photo) in Lafayette, less than four miles from Purdue University. The property was completed in 1996 and is 80% leased to national tenants including Michaels, Petsmart, Pier 1 Imports and Staples. In addition, the property is shadow anchored by Kmart.
“Lafayette Marketplace is situated in a prime retail area of Lafayette that has traffic counts of nearly 30,000 cars per day,” said Barile. “The presence of Purdue University also generates strong retail demand.”
Kimco Realty Corporation is the nation’s largest publicly traded o
wner and operator of neighborhood and community shopping centers, with more than 1,337 properties totaling 174.4 million square feet of leaseable space in 45 states, Canada, Mexico and Puerto Rico.
wner and operator of neighborhood and community shopping centers, with more than 1,337 properties totaling 174.4 million square feet of leaseable space in 45 states, Canada, Mexico and Puerto Rico. Baceline
Investments is a real estate company, which sponsors and manages member-owned, private equity financed partnerships that make direct investments in high-quality commercial real estate in the Midwest, Southwest and Rocky Mountai
n regions of the U.S. Baceline is expanding into select secondary and tertiary markets, such as Lafayette.
Investments is a real estate company, which sponsors and manages member-owned, private equity financed partnerships that make direct investments in high-quality commercial real estate in the Midwest, Southwest and Rocky Mountai
n regions of the U.S. Baceline is expanding into select secondary and tertiary markets, such as Lafayette.CONTACTS:
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com
David B. Keller, HFF Senior Managing Director, 317 630 3191, dkeller@hfflp.com
Paul Barile, HFF Managing Director, 312 528 3650, pbarile@hfflp.com/
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