Hendricks Commercial Properties To Acquire Circle Centre Mall In Indianapolis For $85M
49 West Maryland Street
$85,000,000
$107/SF
Building Size
790,505 SF
Asset Type
Retail
Closing
Dec 26, 2023
About this deal
AI
Hendricks Commercial Properties is set to acquire the Circle Centre Mall in Indianapolis for approximately $85 million. The deal is expected to close in the first quarter of 2024. The property, located at 49 West Maryland Street, is a retail asset with a total square footage of 790,505. The sale price of $85 million results in a price per square foot of $108. Circle Centre Development Co is the seller in this transaction.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $85,000,000
- Address: 49 West Maryland Street
- Market: Indianapolis, IN
- Buyer: Rob Gerbitz - Hendricks Commercial Properties
- Seller: Circle Centre Development Co
- Square Footage: 790,505
- Price per square foot: $108
Hendricks Commercial Properties, represented by Rob Gerbitz, will be the new owner of the Circle Centre Mall in Indianapolis. The acquisition marks an important milestone for Hendricks Commercial Properties and demonstrates their commitment to expanding their retail portfolio in the Indianapolis market.
On the Map
$85,000,000
$107/SF
Retail
View full map
Indianapolis Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Deal FAQ
Visit Rob Gerbitz to view all their deals.
Browse Indianapolis retail sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93