Stony Creek Marketplace, the grocery-anchored retail center northeast of Indianapolis, changed hands Thursday after Cushman & Wakefield brokered the deal. The fully leased, roughly 205,000-square-foot power center near State Road 37, home to Best Buy, TJ Maxx and HomeGoods, was sold by Rainier Companies to a private investor.
Deal details
In a press release via Cushman & Wakefield, the brokerage said its team of Evan Halkias, David Matheis and Bill French represented seller Rainier Companies and that the buyer was a private investor. The release noted that the asset closed this week and was fully leased at the time of sale, and it did not disclose a sale price. "Stony Creek Marketplace represents the type of institutional-quality retail that continues to perform exceptionally well in today’s market," Halkias said in the release.
Property and tenants
Built in 2003, Stony Creek totals about 204,811 square feet and is shadow-anchored by a 162,796-square-foot Meijer, according to Rainier Companies and the center's Stony Creek Shopping materials. The shopping center's tenant mix includes Barnes & Noble, Best Buy, HomeGoods, PetSmart, Ross Dress for Less, Shoe Carnival and TJ Maxx, per those materials, and Rainier says it acquired the property in 2018 as part of a grocery-anchored retail strategy.
What it means locally
Cushman & Wakefield's Indianapolis MarketBeat shows steady net absorption and low vacancy in necessity-focused retail submarkets, trends that make grocery-anchored power centers attractive to buyers. For Noblesville, the trade reinforces investor interest along the SR 37 retail corridor as the city absorbs new grocer and retail investment.
