Newmark has announced the sale of Honey Creek Mall in Terre Haute, Indiana. The 676,322-square-foot regional mall anchored by JCPenny and Vendor’s Village is located at 3401 S. U.S. Highway 41, near the convergence of Interstate 70 and U.S. Route 150. Honey Creek Mall is the dominant regional mall in the trade area, servicing western Indiana, and the only enclosed regional mall within a 50-mile radius. Newmark’s Thomas Dobrowski represented the owner in the sale transaction.
“Honey Creek Mall was a rare opportunity to acquire a regional mall in its entirety, providing complete control and substantial value-add opportunity through the lease-up of the vacant anchor boxes and in-line space,” noted Newmark Executive Managing Director Thomas Dobrowski, who specializes in the enclosed regional mall sector, in addition to large and complex open-air and outlet centers. His team is one of the most active regional mall transactional and advisory groups in the country.
“The mall’s unique placement in a retail hub for western Indiana and eastern Illinois provides opportunity for enhanced draw by providing tenant services that some smaller markets can’t support, or perhaps an entertainment use, like a casino or gaming venue,” Dobrowski continued, noting that Terra Haute’s college-town status provides additional unique retail opportunities. “The mall is located just three miles from Indiana State University’s campus and is the go-to shopping destination for students.” In fact, five colleges and universities reside in Terre Haute, boasting a total enrollment of more than 50,000 students.
Aside from anchor tenants JCPenney and the newly signed Vendors’ Village, Honey Creek Mall also offers a line-up of strong national retailers highlighted by American Eagle, Bath & Body Works, Hollister, Shoe Dept. Encore and Ulta Beauty. “While Honey Creek Mall offers terrific value add opportunity it’s also important to note that the mall offers robust gross and net operating incomes and in-line sales north of $300 per square foot with key national tenants trending positively,” added Dobrowski.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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