{"id":1004673558,"date":"2023-07-26T05:38:26","date_gmt":"2023-07-26T13:38:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004673558"},"modified":"2023-07-26T05:38:28","modified_gmt":"2023-07-26T13:38:28","slug":"citivest-commercial-sells-indianapolis-grocery-anchored-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/citivest-commercial-sells-indianapolis-grocery-anchored-retail-center\/","title":{"rendered":"Citivest Commercial Sells Indianapolis Grocery-Anchored Retail Center"},"content":{"rendered":"<div id=\"attachment_1004673560\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Marwood-Plaza-e1690375755731.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004673560\" data-attachment-id=\"1004673560\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/citivest-commercial-sells-indianapolis-grocery-anchored-retail-center\/marwood-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Marwood-Plaza-e1690375755731.jpg\" data-orig-size=\"1200,902\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Marwood Plaza\" data-image-description=\"&lt;p&gt;Marwood Plaza. Image courtesy of Institutional Property Advisors&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Marwood Plaza. Image courtesy of Institutional Property Advisors&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Marwood-Plaza-e1690375755731.jpg?w=1024\" class=\"wp-image-1004673560 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Marwood-Plaza-e1690375755731.jpg?w=300\" alt=\"Marwood Plaza. Image courtesy of Institutional Property Advisors\" width=\"300\" height=\"226\" \/><\/a><p id=\"caption-attachment-1004673560\" class=\"wp-caption-text\">Marwood Plaza. <em>Image courtesy of Institutional Property Advisors<\/em><\/p><\/div>\n<p><strong>Citivest Commercial<\/strong> has sold Marwood Plaza, a 107,080-square-foot grocery-anchored <a href=\"https:\/\/www.commercialsearch.com\/news\/inside-the-retail-stores-of-the-future\/\">retail center<\/a> in Indianapolis. <strong>Marcus &amp; Millichap<\/strong> division <strong>Institutional Property Advisors<\/strong> brokered the transaction, representing the seller and procuring the buyer.<\/p>\n<p>Citivest Commercial acquired the property back in 2019 from Brixmor Property Group for $6.4 million, according to CommercialEdge data. Back then, Ready Capital provided a $4.9 million acquisition loan, the same source shows.<\/p>\n<p>Built in 1972 and renovated in 2021, the shopping center was 93.5 percent leased at the time of the sale. Anchored by Kroger\u2014which occupies 42 percent of the gross leasable area at the property\u2014Marwood Plaza features a <a href=\"https:\/\/www.commercialsearch.com\/news\/top-retail-tenants-expansion-plans\/\">diverse mix of tenants<\/a>, including Buyer\u2019s Market, Laundry &amp; Tan Connection, Los Patios Restaurant, China One, H&amp;R Block, Boost Mobile, Little Caesar\u2019s, T-Mobile, Great Clips and a Chase Bank net-leased outparcel. IPA Senior Director Bill Rose said in prepared remarks that Kroger has been a Marwood Plaza tenant for more than 50 years and will continue to operate at the property after signing a new long-term lease.<\/p>\n<p>The retail center is located at 3361 Kentucky Ave., roughly six miles from downtown Indianapolis in the Southwest Indianapolis neighborhood. Spanning across 9.3 acres, the shopping center is close to the junction between interstate 70 and 465, serving approximately 135,800 people within a five-mile radius, according to IPA.<\/p>\n<p>Rose, along with Senior Managing Directors of Investment Craig Fuller, Erin Patton and Scott Wiles, led IPA\u2019s team in the negotiations. Josh Caruana, first vice president &amp; district manager at Marcus &amp; Millichap Indiana, was also involved in the deal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kroger has been the main tenant at the property for more than 50 years.<\/p>\n","protected":false},"author":3014,"featured_media":1004673560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1590,21783,13,21742,21749],"tags":[33732,35230],"class_list":["post-1004673558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indianapolis","category-investment","category-midwest","category-latest","category-retail","tag-citivest","tag-institutional-property-advisors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Citivest Commercial Sells Indianapolis Grocery-Anchored Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Core Marwood Plaza LLC has purchased Marwood Plaza, a 107,080-square-foot grocery-anchored retail center in Indianapolis, Ind.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/citivest-commercial-sells-indianapolis-grocery-anchored-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Citivest Commercial Sells Indianapolis Grocery-Anchored Retail Center\" \/>\n<meta property=\"og:description\" content=\"Core Marwood Plaza LLC has purchased Marwood Plaza, a 107,080-square-foot grocery-anchored retail center in Indianapolis, Ind.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/citivest-commercial-sells-indianapolis-grocery-anchored-retail-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-26T13:38:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-26T13:38:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/Marwood-Plaza-e1690375755731.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"902\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/citivest-commercial-sells-indianapolis-grocery-anchored-retail-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/citivest-commercial-sells-indianapolis-grocery-anchored-retail-center\/\",\"name\":\"Citivest Commercial Sells Indianapolis Grocery-Anchored Retail Center - 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