First National Realty Partners Buys Indianapolis Asset

Southern Plaza. Image via Google Street View

First National Realty Partners has acquired Southern Plaza, a 268,000-square-foot, grocery-anchored shopping center in Indianapolis. Prodigy Real Estate Group Co-founder & Principal John May represented the seller, identified by CommercialEdge as Tri-Land Properties.

The same data provider data shows the five-building retail center came online in 1961 across some 33 acres. A recently renovated 59,900-square-foot Kroger supermarket, which has been operating at the location since 1990, anchors the property. Other tenants include Ross, Harbor Freight, Oak Street Health, Goodwill, Rue 21, Qdoba, Cosmo Prof, BMO Bank and Sally Beauty.

Located roughly 5 miles from downtown Indianapolis at 4200 S. East St., the property is adjacent to Interstate 465, in an area where the daily car traffic reaches 92,000 vehicles. More than 216,000 people live within a 5-mile radius.

According to a Cushman & Wakefield report, the U.S. retail sector continued to showcase growth in the third quarter of 2022, and Indianapolis was no exception. The metro has witnessed 263,032 square feet of positive absorption, while vacancy dropped 150 basis points to 5.4 percent over the year.

FNRP Senior Director of Acquisitions Matt Annibale mentioned in a prepared statement that Southern Plaza’s location and e-commerce resistant tenant mix offers an expansion opportunity in a growing market. Earlier this month, the firm added two grocery-anchored shopping centers to its national portfolio.