Red Bank-based First National Realty Partners recently announced the addition of Southern Plaza in Indianapolis to its grocery-anchored shopping center portfolio. This 268,000-square-foot asset marks the vertically integrated real estate firm’s expansion in Indiana and continues its nationwide growth in the open-air retail property sector.
Southern Plaza is anchored by a 59,500-square-foot Kroger supermarket. A tenant at the center since 1990, Kroger recently updated its storefront and renovated the store’s interior. The market-dominant center’s tenant roster also includes Ross, Harbor Freight, Oak Street Health, Goodwill, Rue 21, Qdoba, Cosmo Prof, BMO Bank and Sally Beauty.
“Southern Plaza is situated approximately five miles south of the largest city in the state of Indiana and the second-largest city in the Midwest,” FNRP’s Matt Annibale, senior director of acquisitions, said. “The property’s strategic location and e-commerce-resistant tenant mix offer an exceptional opportunity to expand in a dense and growing market. And the remaining vacancy in the center provides meaningful upside potential by way of increased occupancy and cash flow.”
The center is located directly off Interstate 465, an eight-lane expressway that sees daily average traffic counts of over 92,000 vehicles. It serves a population of more than 216,000 people, with an average household income of approximately $61,000, within a 5-mile radius of the property.
John May of Prodigy Real Estate Group represented the seller in the Southern Plaza transaction.
FNRP’s Indiana portfolio also includes Whitehall Plaza in Bloomington.