Indianapolis-Area Retail Center Changes Hands
The property sold previously for $33 million.
Rainier Cos. has sold Stony Creek Marketplace, a Class A, 204,810-square-foot regional retail center in Noblesville, Ind., to a private investor.
Cushman & Wakefield brokered the transaction on behalf of the seller. Upon closing the deal, the property was fully leased.
The previous owner purchased the asset in 2018 for $32.8 million, or about $205 per square foot, according to Yardi Matrix information. The same year, Argentic issued a 10-year, fixed-interest CMBS loan for the property.
Completed in 2003, the single-story building sits on 18 acres at 17100 Mercantile Blvd. The property is just off Indiana Route 37 to the east and along Loop 1604. Downtown Indianapolis is some 22 miles southwest.
A 162,796-square-foot Meijer’s grocery store shadow anchors the shopping center to the south. Retailers Best Buy, TJ Maxx and Homegoods occupy the largest suites. The tenant roster also includes Barnes & Noble, PetSmart and Ross Dress for Less, among others.
Cushman & Wakefield Retail Investment Advisors Evan Halkias and David Matheis, as well as Executive Director Bill French, brokered the deal.
In one of the most notable deals of last year in the metro, Hines Global Income Trust Inc. paid $199 million for Clay Terrace, a 493,000-square-foot retail center in Carmel, Ind.
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