Overview

Description

​​​​​​​CBRE is pleased to present, as the exclusive advisor, a 100% fee simple interest in Broadway Center, a ±171,310 square foot shopping center located in Merrillville, Indiana, a northeast suburb of Lake County. The shopping center is 14 miles south of Gary/Chicago International Airport and 41 miles south of downtown Chicago.  

At Home, Dollar Tree, Rainbow, and Furniture Center anchor Broadway Center, representing 85% of the shopping center’s GLA. Furniture Center has expanded its space, showing additional security to the income stream at the shopping center.  

A value-creation opportunity exists with 1,600 square feet of shop space available to lease up and to re-tenant the Speedy Check Cashers (MTM) outlot building upon expiration with a national tenant on a long-term lease and spin it off at an accretive cap rate. 

Broadway Center is located along the Route 30 retail corridor in Merrillville, the dominant retail hub for northwest Indiana. The submarket is anchored by Southlake Mall, a 1.3 million square foot regional mall anchored by Kohl’s, AMC Theaters, and JCPenney, and includes approximately 140 shop tenants. Other national retailers with locations in this submarket include Costco, Lowe’s, Meijer, Target, Walmart, Sam’s Club, TJ Maxx, JCPenney, Macy’s, Kohl’s, Home Depot, and many more. 

Future investors are presented with a tremendous opportunity to acquire a 99.10% occupied shopping center with national anchor tenants on long-term leases in a dominant retail corridor with multiple value-creation opportunities. 

Highlights

• Value-Creation Opportunities 
• Strong Anchor Tenants Represent 85% of GLA | Furniture Center Expansion
• Regional Retail Corridor | 5.7 Million Square Feet of Retail Space 
• Expansive Trade Area Demographics | 190,323 Population and $107,039 AHHI 
• Chicago MSA

Documents

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