Value-Add Critical Shopping Center
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Value-Add Critical Shopping Center
2 Retail Properties Online Auction Sale Elkhart, IN
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Investment Highlights
- The Shops at Bristol at 1100-1128 Bristol Street presents the market an opportunity to acquire a 59,523 square-foot retail center in Elkhart.
- Value-add opportunity to acquire a 16% leased shopping center with month-to-month tenants and immense leasing upside.
- Just minutes from the population and retail center of downtown Elkhart.
- Rare location along Bristol Street gives tenants access to over 21,000 passing vehicles per day.
- Surrounding demographics include a 5-mile population of over 100,000 people expected to spend over $1 billion by the end of 2024.
Executive Summary
The Shops at Bristol, located at 1100-1128 Bristol Street, presents the market with a premier value-add investment opportunity to acquire a critically located retail center in Elkhart, Indiana. The shopping center totals 59,523 square feet spread across two buildings on the same 3.8-acre parcel. The oversized parcel provides ample parking with 200 surface spaces, a robust number to support lease-up efforts or a potential new anchor space. The property offers an investor immense lease-up and value-add upside. The retail center is currently leased to four month-to-month tenants, occupying roughly 16% of the available space. The property recently underwent an extensive renovation to install a new roof and facade and to upgrade the parking lot, lighting, and pylon signs. A new effective lease-up strategy or an acquisition of a new anchor tenant will provide the opportunity for massive net operational income gains.
1100-1128 Bristol Street is in a prime location just 30 minutes from South Bend, Indiana, defined by high traffic counts, robust demographics, and prominent retail synergies. Bristol Street sees over 21,000 vehicles daily, allowing tenants to capitalize on the highly visible pylon signage for enhanced advertising potential and brand recognition. Demographics in the area include a 5-mile population of 100,000 people who earn over $70,000 per year. This population base is expected to spend over $1 billion across all sectors by the end of 2024, buoying the overall retail market and setting up a strong foundation for the Shops at Bristol. Key retail demand drivers surrounding the property are several residential neighborhoods, an industrial corridor, two schools, and a position just minutes from downtown Elkhart.
Property tours are available by appointment only. Please contact the broker to schedule.
1100-1128 Bristol Street is in a prime location just 30 minutes from South Bend, Indiana, defined by high traffic counts, robust demographics, and prominent retail synergies. Bristol Street sees over 21,000 vehicles daily, allowing tenants to capitalize on the highly visible pylon signage for enhanced advertising potential and brand recognition. Demographics in the area include a 5-mile population of 100,000 people who earn over $70,000 per year. This population base is expected to spend over $1 billion across all sectors by the end of 2024, buoying the overall retail market and setting up a strong foundation for the Shops at Bristol. Key retail demand drivers surrounding the property are several residential neighborhoods, an industrial corridor, two schools, and a position just minutes from downtown Elkhart.
Property tours are available by appointment only. Please contact the broker to schedule.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
Elkhart - IN USA
Market Cap Rate
Elkhart - IN USA
Market Sale Price per SF by Star Rating
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4 - 5 Star
Market Cap Rate by Star Rating
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Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
| Sale Conditions | Auction Sale | Number of Properties | 2 |
| Sale Type | Investment | Total Building Size | 59,532 SF |
| Status | Active | Total Land Area | 3.80 AC |
| Sale Conditions | Auction Sale |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Total Building Size | 59,532 SF |
| Total Land Area | 3.80 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built |
|---|---|---|---|
|
Parkmor Plaza
1130-1220 W Bristol St, Elkhart, IN 46514 |
Retail | 42,082 SF | 1966 |
| 1100-1128 Bristol St, Elkhart, IN 46514 | Retail | 17,450 SF | 1967 |
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Sale Advisor
Sale Advisor
Mitch Ostrowski, Associate Director, Investment Sales
(281) 433-9412
Contact
Mitch Ostrowski, Senior Associate, Investment Sales, brings 8 years of experience working with landlords, tenants, institutional and local investors to the Veritas Realty Investment Sales Group, focusing on the acquisition and disposition of assets ranging from single tenant net leased to large multi-tenanted power centers. Mitch’s background in leasing provides him with a unique perspective and boots on the ground approach to understanding value creation for both sellers and buyers.
Most recently, Mitch served as an Associate Director in the Indianapolis office of Newmark where he focused on leasing, development, acquisition and disposition of office, retail, medical and land assets. Mitch has substantial expertise in agency representation, creating value for both owners and occupants. Over the past three years, Mitch has completed over 100 transactions in excess of $60 million. Prior to his time at Newmark, Mitch served as analyst on the office and retail investor services team evaluating, and underwriting deals, providing market research to local and national brands before transitioning into brokerage as a Senior Associate. During his career Mitch has worked with some of the largest and well know companies like Raymond James, Edward Jones, Stanley Security, Lids, AAA, Milhaus, Stenz Corp, Gershman Partners, Citimark, Caterpillar.
Mitch attended Butler University, graduating with a bachelors degree in Finance and a bachelors degree in Risk Management and Insurance. During his time at Butler, Mitch played five seasons as a part of the Men’s soccer team. In his free time, Mitch enjoys spending time with his wife, son, golden retriever, golfing, skiing, surfing, running and doing triathlons.
Most recently, Mitch served as an Associate Director in the Indianapolis office of Newmark where he focused on leasing, development, acquisition and disposition of office, retail, medical and land assets. Mitch has substantial expertise in agency representation, creating value for both owners and occupants. Over the past three years, Mitch has completed over 100 transactions in excess of $60 million. Prior to his time at Newmark, Mitch served as analyst on the office and retail investor services team evaluating, and underwriting deals, providing market research to local and national brands before transitioning into brokerage as a Senior Associate. During his career Mitch has worked with some of the largest and well know companies like Raymond James, Edward Jones, Stanley Security, Lids, AAA, Milhaus, Stenz Corp, Gershman Partners, Citimark, Caterpillar.
Mitch attended Butler University, graduating with a bachelors degree in Finance and a bachelors degree in Risk Management and Insurance. During his time at Butler, Mitch played five seasons as a part of the Men’s soccer team. In his free time, Mitch enjoys spending time with his wife, son, golden retriever, golfing, skiing, surfing, running and doing triathlons.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Derek Rudd
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr RC51500217 Online Auction
-
Mitch Ostrowski -
Veritas Realty
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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