Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Honey Creek Marketplace, a 107,733-square-foot shopping center located at 4428 South U.S. Highway 41 in Terre Haute, Indiana. The center is anchored by Fresh Thyme Farmers Market and Academy Sports + Outdoors. Mark Lovering of Northmarq represented the seller, a Texas-based developer. The buyer, an institutional investor based in Wisconsin, was represented by Northmarq’s Christian Tremblay. The center sold for $22.3 million reflecting a 7.38 percent cap rate.
“Honey Creek Marketplace is an attractive grocery-anchored center featuring a strong cast of first-generation tenants on long-term leases,” said Lovering, Associate Director in Northmarq’s Chicago, Illinois office. “This allowed us to source an internal buyer on an off-market basis and successfully close within the seller’s narrow timeframe. Cap rates continue to compress for well-located grocery-anchored centers, and we expect this trend to continue through the first half of 2022.”
The property was constructed in 2015 on 4.8 acres and is fully leased to seven tenants. Located in southern Terre Haute, the shopping center is strategically positioned in a major retail corridor of the city and is surrounded by neighboring national retailers including Kroger, Hobby Lobby, Lowe’s and many others. With close proximity to U.S. Route 150 and Interstate 70, the site offers excellent access to downtown and its surrounding residential neighborhoods.
“This was a great off-market opportunity for my client to purchase a recently constructed grocery-anchored shopping center,” added Tremblay, Associate Director. “Given the demand for these types of assets, being able to source this deal internally illustrates the benefits of the Northmarq platform. From start to finish, both the seller and buyer made this an incredibly smooth transaction, and we are very excited to get it across the finish line.”
