Indianapolis Office News
Midland Atlantic Announces the Acquisition of Rivergate Shopping Center in Shelbyville, IN
Shelbyville, IN - Midland Atlantic Properties has acquired Rivergate Shopping Center, 1802 East State Road 44, Shelbyville, IN. The 133,086 square foot center housed a former Walmart and was 94% vacant at time of purchase. The two existing tenants are Cato Fashions and Shoe Show.
Rural King will be joining the center as new anchor with a planned opening in the Fall of 2013. There are also leases pending with two new national retailers totaling a collective 20,000 square feet. Midland Atlantic Properties is planning to make needed capital renovations to the center and infilling the existing vacancies.
"Rivergate is another example of a shopping center with excellent market potential where Midland can apply its leasing and redevelopment savvy to bring vibrance and economic stability back to an otherwise underutilized asset. The center offers excellent market positioning, high visibility and with the increased traffic and retail activity from the new anchors, the center will spring back to life quickly" said Patrick Boyle, Partner at Midland Atlantic Properties.
Midland Atlantic Properties is looking to purchase value-add and grocery-anchored shopping centers. As with all of its acquisitions, Midland Atlantic will handle the leasing, construction, and property management of this asset.
Tracey Holtzman of Midland Atlantic Successfully Completes 14 Massage Envy Transactions
Midland Atlantic is pleased to announce Tracey Holtzman has completed 14 leases on behalf of Massage Envy, totaling more than 42,000 square feet.
Locations in Indiana include Avon, Brownsburg, North Carmel/Westfield, West Carmel / Zionsville, Fishers, (2) Fort Wayne, Greenwood, Keystone at the Crossing, Southport, Noblesville, Hamilton Town Center, Plainfield and West Lafayette.
Midland Atlantic Announces Purchase of Land in Plainfield and is Seeking Other Acquisition Opportunities
Midland Atlantic recently acquired 6.75 acres of vacant ground in Plainfield, Indiana. The four parcels are located in the Plainfield Park development at the intersection of State Road 267 and Hadley Road with two of them offering frontage on State Road 267. The property was purchased from a local lending institution and no financing was required.
"Despite the challenging economy, Midland Atlantic, through careful planning, strong investor relationships and thorough due diligence, remains committed to purchasing welllocated commercial buildings and land." says Aaron Boyle, principal of Midland Atlantic.
Showtime Movie Theatre Opens at Southbridge Crossing / Center Sold
JAS Cinemas Enterprises, LLC has signed a leased to open up a 25,344 square foot movie theatre at Southbridge Crossing, 300 Southbridge Street, Mooresville, IN. The 54,694 square foot center was then sold to the Mooresville Redevelopment Commission. Jeff Hubley of Midland Atlantic represented the landlord, Brown Bark I, LP in both transactions.
9,000 Square Foot Retail and Office Investment Property Sold at 643 Massachusetts Avenue
Jodi Milto of Midland Atlantic represented FEC Investments in fully leasing and then selling the 9,000 square foot retail/office investment property located at 643 Massachusetts Avenue. The buyer, 643 Mass Ave. LLC was represented by Bryan Paine of ReMax Acclaimed Properties. Tenants of the property include Civil Site, Century 21 Scheetz and Bikes on Mass Ave.