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Chicago & Midwest  + Midwest + New York & Tri-State  + Retail  | 
Faris Lee Investments brokered the sale of Fortune Park Shoppes, an eight-tenant strip shopping center in Indianapolis

Faris Lee Closes 1031 Deal for Indianapolis Strip Center

Faris Lee Investments has completed the $7.7-million sale of a 100% leased, eight tenant, 22,968-square-foot strip center, Fortune Park Shoppes, in Indianapolis. 

Jeff Conover, managing principal, and Scott DeYoung, senior managing director at Faris Lee Investments, represented the seller, a private office group based in the Midwest. They also procured a Southern California-based buyer in a 1031 exchange, represented by Commercial Facilities Inc. 

The center includes both national tenants (T-Mobile, Great Clips, Sprint, and McAlister’s) and mom-and-pop local tenants. The pad shops strategically fronts Costco & Embassy Suites and are near Walmart, hotels, restaurants, business centers, and banks. 

“Having local banking relationships was the key to this sale as we were able to obtain financing while selling the property 100 basis points more aggressive than the market comps during a rising interest rate environment,” said Conover. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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