MONTICELLO, IN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Monticello Plaza, (top left photo) a 189,330-square foot grocery-anchored shopping center in Monticello, a city in central Indiana approximately 85 miles northwest of Indianapolis. The terms of the sale were not disclosed.
David Weber (middle right photo), an associate vice president in Marcus & Millichap’s Washington, D.C. office, and Nathan Whalen (middle left photo), a retail property investment specialist in the firm’s Indianapolis office, represented the seller, Hamstra Builders Inc. Michael Wernke (lower right photo), a vice president investments in Indianapolis, represented the buyer, an Indiana-based LLC.
“With its in-depth market knowledge and unparalleled access to a variety of capital sources nationwide, Marcus & Millichap was able to create a competitive market for this property and lead us to the right buyer,” says Mitch Van Kley, chief financial officer and executive vice president of Hamstra Builders Inc. “We are extremely pleased with the high level of service we received from Marcus & Millichap throughout the process.”
“At the time of the sale, Monticello Plaza was 95 percent occupied with approximately 8,700 square feet of vacant space available for lease,” says Weber. “The center’s double-anchor tenants, Kroger and Rural King, and other strong in-line tenants such as Ace Hardware and Fashion Bug, lend themselves to making the shopping center a stable and solid investment.” The property is located on Monticello’s major north/south thoroughfare at 916 North Main St. Retailers in the immediate area include Taco Bell, CVS, Arby’s, Advance Auto Parts and Wells Fargo.
“Fewer completions and resumed job creation will strengthen the Indianapolis retail market in 2012,” says Wernke. “With operations in high-traffic corridors already recovering, metrowide vacancy will trend lower.”
Built in 1979 on 20.2 acres, Monticello Plaza is anchored by Kroger and Rural King, a strong regional retailer. Other tenants include a freestanding Pizza Hut, Ace Hardware, Standard Auto and King Buffet.
Situated between Lake Shafer and Lake Freeman, Monticello is a popular summertime tourist destination and home of the Indiana Beach amusement park.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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