FORT WAYNE, IN – [November 28, 2022] – Blue West Capital has completed the sale of a multi-tenant retail shopping center located at 5409-5417 & 5421 Meijer Drive in Fort Wayne, Indiana. Carly Gallagher Kelly of Blue West Capital represented the seller in the transaction, Thompson Thrift, a repeat client and a real estate development company based out of Indiana. The buyer was a private real estate group based out of Iowa. Chapel Ridge Shops sold for the 2nd lowest cap rate recorded for a 100% leased multi-tenant property in Fort Wayne, Indiana, according to CoStar.
Chapel Ridge Shops consists of 11,231 square feet and is 100% leased to nationally recognized tenants, including Sherwin Williams (S&P: BBB), AT&T, ENT Associates, and B. Antonio’s Pizza. The property is shadow anchored by Menards and Meijer. In addition to the strength of the tenant line up, the immediately surrounding demographics have average household incomes over $103,000 within a one-mile radius and 86,000 people within a five-mile radius. The affluent and dense demographic base in this area of Fort Wayne is expected to have a large population growth over the next five years. Located off I-469 (the major interstate that connects all suburban Fort Wayne) just off the intersection of Maysville Road and Meijer Drive provides easy accessibility and high traffic counts with over 30,600 vehicles per day.
“Chapel Ridge Shops featured a rare opportunity to own a Sherwin Williams anchored outlot in a growth area of the Fort Wayne market. Investors were driven to the tenant line up, weighted average lease term of over five years, surrounding demographics, and the surrounding national big box retailers. Within a few days of marketing, we generated multiple offers and created a competitive bidding process, which further demonstrates the strength of the center. It is always a pleasure to represent Thompson Thrift, and both parties worked well together to create a seamless transaction in a volatile market environment.”said Carly Gallagher Kelly.
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