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Chicago & Midwest  + Midwest  + Retail  | 

Sale of Hobby Lobby-Anchored Center Highlights Demand Resurgence

Hanley Investment Group Real Estate Advisors arranged the sale of Lake Park Plaza, a 114,867-square-foot shopping center anchored by Hobby Lobby in Michigan City, IN. Although the sale price wasn’t disclosed, the property was listed for $6,341,000. 

“We have seen an increase in demand for big-box anchored retail centers with strong fundamentals and credit tenants as they provide investors with above-market risk-adjusted returns,” said Hanley EVP Eric Wohl, who arranged the sale with associate CJ Kiehler. 

He added, “This closing further highlights the resurgence of value-oriented, big-box retail across the country. Last year during the height of the pandemic, properties like this weren’t trading due to fear of the unknown and, now that the dust has settled, investors and consumers alike have realized that brick and mortar retail is here to stay.”

Wohl and Kiehler, in association with Scott Reid & ParaSell, Inc., represented the seller, RCG Ventures of Atlanta. The buyer was a private investment company based near Miami.

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Hanley’s Wohl

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).

  • ◦Sale/Acquisition
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