Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Stafford Crossing, a 26,000-square-foot shopping center. The property is located at 2230 Stafford Road in Plainfield, Indiana which is approximately 15 miles southwest of downtown Indianapolis. Stan Johnson Company’s Blaise Bennett and BJ Feller represented the seller, a locally based developer. The property was acquired for $4.9 million by a private investor based in Indiana.
“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, Associate Director in Stan Johnson Company’s Chicago, Illinois office. “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 percent leased to nine tenants. The center’s anchor tenant, Chicago’s Pizza, recently executed a long-term lease extension illustrating confidence in the company’s second-highest performing location.
“We continue to see investor demand in the multi-tenant retail sector, especially for sites comprised of service-based retailers paying reasonable rents in markets with strong real estate fundamentals – a trend we expect to continue throughout 2021,” added Bennett.