Suburban Indianapolis shopping center sells for $18.55M

CHICAGO, May 31, 2022 – JLL Capital Markets announced today that it has closed the $18.55 million sale of Crawfordsville Square, a 273,249-square-foot shopping center anchored by a high-volume Kroger in the Indianapolis suburb of Crawfordsville, Indiana.

JLL represented the seller, Lamar Companies. Essential Growth Properties acquired the asset.

Crawfordsville Square is anchored by a strong-performing Kroger, which is the No. 1 grocery chain in the U.S. and recently invested significant capital into the location by adding additional grocery components, enlarging the pharmacy, adding a drive-thru and updating technology. The 95-percent-leased center is also home to a synergistic and pandemic-proof lineup of tenants, including Dunham’s Sports, Burke’s Outlet, H&R Block, Shoe Sensation, Pet Supplies Plus and Burger King. The center is further complemented by non-owned outparcel pads leased to Starbucks, Jiffy Lube, Applebee’s and more.

Positioned on nearly 36 acres at 1684 Crawfordsville Square, the shopping center is the dominant retail center within, Crawfordsville, a college town 40 miles northwest of Indianapolis. Wabash College is five miles from the center, and both DePauw and Purdue University are 30 miles away. Crawfordsville Square is located along Highway 231, the primary north-south arterial roadway, and surrounded by robust neighborhoods with an average annual household income of $70,000 within a five-mile radius.

The JLL Retail Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Lamar Companies is a privately held, full-service real estate company that has consistently leveraged its diverse expertise in the commercial real estate industry to successfully unlock significant value. For over 45 years, Lamar’s value-add investment strategies and unique hands-on approach has minimized risk and delivered superior risk-adjusted returns to their investors.

Essential Growth Properties is a private equity real estate investment company headquartered in Cincinnati, Ohio, and dedicated towards building, operating, and creating value through the ownership of a nationwide portfolio of essential-based, grocery anchored shopping centers. With its rich history and deep relationships in the grocery retail industry, Essential Growth Properties is a customer obsessed organization focused on operating first class grocery anchored centers and serving the communities within which they exist.