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Terre Haute Retail Trades for $22M in Off-Market Deal
Stan Johnson Company (SJC) completed the sale of Honey Creek Marketplace, a 107,733-square-foot shopping center located at 4428 S. U.S. Highway 41 in Terre Haute, IN. The center sold for $22.3 million in an off-market transaction at a 7.38% cap rate.
SJC’s Mark Lovering represented the seller, a Texas-based developer. The buyer, an institutional investor based in Wisconsin, was represented by SJC’s Christian Tremblay.
“Honey Creek Marketplace is an attractive grocery-anchored center featuring a strong cast of first-generation tenants on long-term leases,” said Lovering. “This allowed us to source an internal buyer on an off-market basis and successfully close within the seller’s narrow timeframe. Cap rates continue to compress for well-located grocery-anchored centers, and we expect this trend to continue through the first half of 2022.”
The property was constructed in 2015 on 4.8 acres and is fully leased to seven tenants.
- ◦Sale/Acquisition
