Hanley Investment Group Real Estate Advisors closed the sale of a two-tenant, 11,400-square-foot retail center in Zionsville, a northern suburb of Indianapolis, Indiana. The sale price was $3.145 million.
Hanley Investment Group’s vice president Dylan Mallory represented the seller, Jackson Investment Group, based in Central Indiana. The buyer was a private investor based in the Indianapolis metro area and was represented by Forest Bender of Marcus & Millichap in Indianapolis. Jackson Investment Group also played a brokerage role in the transaction.
The property, Zionsville Station, is located at 10615 Zionsville Road, just south of the Village of Zionsville, Indiana. The 1.35-acre property features new long-term leases from Hotel Tango Whiskey, a well-known local whiskey brand, and the Pampered Pooch Resort and Spa, a new dog care facility, according to Mallory. The property was previously home to Pizza King for more than 30 years before undergoing a significant renovation and repositioning plan in 2021.
Zionsville Station is located less than a mile from Creekside Corporate Park, a new 40-plus-acre corporate campus featuring walking trails and outdoor fitness options. Major employers in the park include Witham Health Services, FedEx and LIDS headquarters office. Rahal Letterman Lanigan Racing is under construction on a new, $20 million, 100,000-square-foot facility that will serve as its global headquarters. Completion is expected in the summer of 2022.
Over the last four years, Hanley Investment Group has sold $705 million in retail properties in the Midwest. In the last two years, Mallory has closed over $70 million in the state of Indiana. Earlier this year, Mallory completed the sale of a net-leased multi-tenant medical property in Plainfield, Indiana.