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Chicago & Midwest  + Midwest  + Retail  | 

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.


Inside The Story

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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 13-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 15-20 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 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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