Shoppes at Whitestown Lot in Indiana Sells to Private Shopping Center Investor
Sam House Achieves Record-Low Cap Rate in Sale of Multi-Tenant Retail Outparcel
August 21, 2024 – Secure Net Lease, a top ranking brokerage firm, orchestrated the sale of a multi-tenant shopping center, Shoppes at Whitestown (Lot 6), located in the fastest growing community in Indiana every year for a decade, Whitestown. The property was sold to a private investor from Minnesota at a record-low cap rate for the Whitestown market.
The agent who facilitated the deal, Sam House, said “We received nine offers on this property, so it generated significant interest. We partnered with a broker highly familiar with Secure Net Lease who had previously worked with the buyer who was eager to expand market share in Whitestown, Indiana.”
Shoppes at Whitestown – Lot 6 is part of three separate retail outparcels within a 500,000 SF regional retail development at the high profile and heavily trafficked intersection of Interstate 65 and Whitestown Parkway. Lot 6 is occupied by Bibibop Asian Grill, Hummus Republic, and American Mattress. It is an outparcel to a recently developed and fully leased class A regional power center anchored by Hobby Lobby, Burlington, TJ Maxx, Ross, and Planet Fitness. Whitestown is one of the most affluent submarkets in the state with an average household income of approximately $167,300 and median household income of approximately $127,500 within a 5-mile radius of subject property.
“The transaction went smoothly, and we closed at a record-high price per square foot and record-low cap rate for the area. This was also one of the first multi-tenant closings in Whitestown, setting a new benchmark. We were very excited about how it all came together,” the agent concluded.
This was a unique opportunity to acquire a stabilized, multi-tenant retail property in a continuously growing and highly sought after family-oriented submarket with extremely low vacancy and multiple barriers to entry.
The sale of Shoppes at Whitestown – Lot 6 highlights the demand for retail properties in one of Indiana’s fastest-growing and most affluent communities. With a record-low cap rate and high level of investor interest, the transaction underscores the strong appeal of Whitestown’s thriving retail market and its strategic location near major highways. The deal not only reflects Secure Net Lease’s expertise in securing competitive offers but also sets a new standard for multi-tenant property sales in the area, making it a significant milestone for the Whitestown market.
About Secure Net Lease
Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.
The transaction went smoothly, and we closed at a record-high price per square foot and record-low cap rate for the area.
