Citivest Commercial Sells Indianapolis Grocery-Anchored Retail Center

Marwood Plaza. Image courtesy of Institutional Property Advisors

Citivest Commercial has sold Marwood Plaza, a 107,080-square-foot grocery-anchored retail center in Indianapolis. Marcus & Millichap division Institutional Property Advisors brokered the transaction, representing the seller and procuring the buyer.

Citivest Commercial acquired the property back in 2019 from Brixmor Property Group for $6.4 million, according to CommercialEdge data. Back then, Ready Capital provided a $4.9 million acquisition loan, the same source shows.

Built in 1972 and renovated in 2021, the shopping center was 93.5 percent leased at the time of the sale. Anchored by Kroger—which occupies 42 percent of the gross leasable area at the property—Marwood Plaza features a diverse mix of tenants, including Buyer’s Market, Laundry & Tan Connection, Los Patios Restaurant, China One, H&R Block, Boost Mobile, Little Caesar’s, T-Mobile, Great Clips and a Chase Bank net-leased outparcel. IPA Senior Director Bill Rose said in prepared remarks that Kroger has been a Marwood Plaza tenant for more than 50 years and will continue to operate at the property after signing a new long-term lease.

The retail center is located at 3361 Kentucky Ave., roughly six miles from downtown Indianapolis in the Southwest Indianapolis neighborhood. Spanning across 9.3 acres, the shopping center is close to the junction between interstate 70 and 465, serving approximately 135,800 people within a five-mile radius, according to IPA.

Rose, along with Senior Managing Directors of Investment Craig Fuller, Erin Patton and Scott Wiles, led IPA’s team in the negotiations. Josh Caruana, first vice president & district manager at Marcus & Millichap Indiana, was also involved in the deal.