Five former properties that once housed Marsh Supermarkets sites will go on the auction block next week.
The vacant properties are being marketed by real estate services firm Mission Capital Advisors on behalf of their owner, identified only as a commercial mortgage backed securities special servicer.
Once an industry stalwart, Indianapolis-based Marsh Supermarkets filed for Chapter 11 bankruptcy protection in 2017 and subsequently liquidated, citing high debts and competitive intrusions from companies such as Kroger and Meijer.
The stores to be auctioned went unsold in Marsh’s 2017 liquidation, which saw 11 of its 44 stores sold to Kroger and another 17 go to Fresh Encounter, the Findlay, Ohio-based independent. They housed either the Marsh or LoBill brands and range in size from 14,000 to 80,000 square feet.
“For value-add investors, these properties offer an excellent opportunity to acquire assets with significant upside at a very low basis,” Kyle Kaminski of Mission Capital said in a statement. “Several of the retail centers are located in strong commercial and residential districts, and strategic investors will be able to capitalize on their significant potential. The seller is highly motivated to find buyers for all five properties, and we anticipate interest from both local and national buyers seeking opportunistic investments.”
Mission said the sites would be auctioned individually on the RealInsight Marketplace online platform, with the bidding window opening Dec. 3 and closing Dec. 5.
The properties to be sold:
- 10901 E. Washington St., Indianapolis, an 80,000-square-foot, single-story retail property. Constructed in 1992, the building sits on an eight-acre lot, and is just east of the Washington Plaza Mall. It is surrounded by a wide range of national tenants, including Walmart, Dairy Queen, Arby’s and GameStop.
- 3825 State Road 26 East, Lafayette, Ind., an 80,064-square-foot, single-story, big-box retail property. The structure was built in 1995 and is situated on a 12-acre lot adjacent to a Sam’s Club and across the street from the Lafayette Pavilions local shopping mall.
- 3910 W. Bethel Pike, Muncie, Ind., a 50,042-square-foot, single-tenant property in a prime area that features a range of shopping and dining options. It was built in 1980.
- 1301 S. East St., Richmond, Ind., a 14,737-square-foot, single-story building built in 1950. According to Mission it is ideally suited for a buyer open to acquiring a well-located commercial property at a low basis with an eye toward redevelopment.
- 1920 S. Hoyt Ave., Muncie, Ind., a 60,072-square-foot, two-building retail/commercial property. The two properties include a single-story, 45,000-square-foot building, constructed in 1978, and a two-story commercial building, which was built in 2017 and measures about 15,000 square feet.
Mission Capital Advisors is a diversified real estate solutions firm with offices in New York, Florida, Texas, California and Alabama.