Munster, IN – [August 12, 2021] – Blue West Capital has completed the sale of a value-add shopping center located at 300-330 Ridge Road in Munster, Indiana. Carly Kelly, of Blue West Capital, represented the buyer in the transaction. The buyer was a private real estate company, and a repeat client, based out of New York City. The seller was a private Chicago-based investor.
Ridgewood Plaza consists of 36,307 square feet and is leased to national tenants including Fresenius, ATI Physical Therapy, Check n’ Go, GNC, Supercuts, and Applebee’s. The property is located just 25 miles southeast of downtown Chicago and is included in the Chicago Metropolitan Area. Within a three-mile radius, average household incomes exceed $77,000, and over 99,000 people. The property offers excellent visibility and accessibility, as it is located right off Ridge Road, which is a primary East-West throughfare in the market.
“During the past few months there has been a significant supply and demand imbalance in the marketplace, which has driven aggressive pricing on most retail properties. Specifically, there is a lack of value-add opportunities on the market, as most sellers have been waiting to sell their assets until tenants have recovered from the effects of the pandemic, or until they are able to lease any remaining vacancy. Ridgewood Plaza is a rare opportunity as it features value-add components via the lease-up of the 21% vacant suites, plus the opportunity to carve out a freestanding Applebee’s. We submitted a strong qualified offer within the first few days of Ridgewood Plaza being on the market and were ultimately awarded the deal with multiple offers on the table. We were able to quickly get through a loan assumption process, and we received a credit for deferred maintenance. Overall, it was a very successful transaction for my client” said Carly Kelly, Director.