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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.
- ◦Sale/Acquisition

