Shoppes at Ft. Wayne
Location: Ft. Wayne, IN
Type: Retail
Price: $8,700,000
SMC has provided an $8,700,000 ten-year fixed rate mortgage to refinance existing debt collateralized by the Shoppes at Ft. Wayne, a 94% occupied, 100,803 SF retail shopping center located in Fort Wayne, IN that is anchored by Jo-Ann Fabric and Craft as well as grocery tenant Aldi, which opened in 2017.
The Property is well-located at the center of retail density within its submarket and is surrounded by the region’s major shopping destinations, including Glenbrook Square (a 1.2 million superregional mall) along with 1.3 million square feet of supplementary shop-space across five nearby power centers.
The Subject is highly accessible given its proximity along a major intersection of two commercial arterials in the North Fort Wayne submarket with an average daily traffic count of approximately 52,000 vehicles, as well as its proximity within two miles of both Lima Road and I-69. Aldi’s build-to-suit improvements were completed in 2017, while anchor tenant Jo-Ann’s recently exercised a 5-year option.