Sale of dominant open-air retail center in Indiana closes

CHICAGO, April 27, 2023 – JLL Capital Markets announced today that it has closed the sale of Warsaw Commons, a 87,858-square-foot, dominant, open-air retail center in Warsaw, Indiana.

JLL represented the seller, IRC Retail Centers, and The Lofts at 5 Points LLC acquired the asset.

Built in 2012, the 100-percent-occupied Warsaw Commons is anchored by TJ Maxx, PetSmart, Ulta, Dollar Tree and Shoe Carnival. 98% of the center’s revenue comes from its high credit national tenant base, and all five anchor tenants have recently renewed/exercised options within their leases.  The center boasts 1.7 million visitors annually. Additionally, the property is shadow anchored by Kohl’s.

Located at 570 W 300 N. Warsaw, the center is situated between several Midwest cities, including Indianapolis, Fort Wayne South Bend and Chicago. The center benefits from sitting in the only retail shopping corridor for more than 25 miles. Within 20 miles of the center is an average household income of $86,942 and a population of 159,553.

The JLL team that represented the seller was led by Director Michael Nieder.

Nate Monson and Brandon Goodman with Colliers in Salt Lake City represented the buyer in the transaction. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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