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1031 Buyer Snaps Up Suburban Indy Retail
Stan Johnson Company (SJC) completed the sale of Stafford Crossing, a 26,000-square-foot shopping center in Plainfield, IN, approximately 15 miles southwest of downtown Indianapolis. SJC’s Blaise Bennett and BJ Feller represented the seller, a locally based developer. The property was acquired for $4.9 million by an Indiana-based private investor.
“Despite COVID-19 concerns, we saw multiple offers on the property and ultimately moved forward with a private 1031 exchange investor who was purchasing several properties in the area,” said Bennett. “This shopping center was viewed very favorably in the market given its historical occupancy levels and strong tenant mix – all of which fulfilled rental obligations during the pandemic.”
The property was built in 2007 and is situated on nearly four acres with ample parking. At the time of sale, the multi-tenant retail center was 91% leased to nine tenants. The center’s anchor tenant, Chicago’s Pizza, recently executed a long-term lease extension.
- ◦Sale
