This acquisition represents the first venture for Big V Property Group in the Indianapolis market, highlighting the company's continued portfolio expansion.
CARMEL, Ind., Feb. 8, 2024 /PRNewswire-PRWeb/ -- Big V Property Group, with their partner, Equity Street Capital, is proud to announce its latest acquisition, Merchants' Square, located in Carmel, Indiana. This acquisition represents the first venture for Big V Property Group in the Indianapolis market, highlighting the company's continued portfolio expansion.
Merchants' Square, encompassing 232,284 square feet of open-air shopping center space, is located in Carmel, an affluent suburb just north of Indianapolis. Indianapolis is the second fastest-growing MSA in the Midwest and this trade area has experienced a notable 13.2% population growth since 2010, positioning Carmel as the third-largest city within the MSA. Carmel has been frequently ranked as the #1 suburb in America by several publications, including Niche, Town & Country, and Money. This recognition is a testament to the area's exceptional quality of life and vibrant community.
Positioned in a high-volume traffic district, Merchants' Square is poised to attract a steady influx of consumers, enhancing its visibility and accessibility. The center's diverse tenant mix includes reputable names like Planet Fitness, Flix Brewhouse, Cost Plus World Market, Petco, and Dollar Tree, providing a varied shopping experience. Additionally, the property will benefit from being shadow-anchored by the first Indiana location for Illinois-based Harvest Market. The 76,000 SF store plans to open fall of 2024.
"Our diligence determined that Carmel, IN is truly a jewel trade area. It offers the unique combination of high incomes and high growth, which aligns perfectly with Big V's business model," stated Eric Zimmermann, Big V Property Group Chief Acquisitions Officer. "The high-quality fundamentals combined with the pending opening of Harvest Market paint a bright future for the asset."
Jeff Rosenberg, President of Big V Property Group, commented, "We are thrilled to expand our portfolio into the Indiana market with the acquisition of Merchants' Square. This property is a testament to our commitment to strategic growth and investment in areas with strong economic potential. The vibrant, growing community of Carmel, recognized for its high rankings and quality of life, alongside the impressive tenant lineup, makes Merchants' Square a prime addition to our portfolio."
This acquisition reflects Big V Property Group's ongoing commitment to investing in high-potential markets and marks a significant milestone in the company's portfolio expansion strategy.
About Big V Property Group
Big V Property Group owns and operates over 50 neighborhood and community shopping centers totaling over 9.5 million square feet, primarily located in the southern region of the U.S. Big V Property Group has five offices with major offices in Charlotte, NC, San Antonio, TX, Bristol, TN and Florida, NY. For further information, please visit bigv.com.
About Equity Street Capital
Equity Street Capital (ESC) is a San Diego-based commercial investment firm focused on achieving attractive risk-adjusted returns while maximizing long-term capital appreciation. Equity Street Capital was founded by Than Merrill and Paul Esajian, real estate investors and entrepreneurs who are also renowned for their real estate investment education company and residential investment firm. For further information please visit equitystreetcapital.com.
Media Contact
Debra Hazel, Debra Hazel Communications, 1 201-618-5247, [email protected]
SOURCE Big V Property Group
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