1010 W 7th St
Auburn, IN 46706
Auburn Plaza - $48 PSF - Fort Wayne MSA · Retail Property For Sale

The Klink Group of Marcus & Millichap is pleased to present for sale, Auburn Plaza, a 64,264-square foot community shopping center located in Auburn, Indiana a city just outside the Fort Wayne Metropolitan Statistical Area (MSA). Built in 1979 and renovated in 2005, Auburn Plaza sits on 5.29 acres of prime real estate at the corner of Indiana State Rod 8, also known as West 7th Street, and North Grandstaff Drive. The property is also just one-quarter of a mile east of Interstate 69, a major north and south interstate that experiences approximately 30,000 vehicles-per-day. Auburn Plaza is 90 percent occupied with a unique blend of local, regional and national tenants, all of which cater specifically to the Auburn submarket. The majority of the property’s tenants are operating under triple-net leases and offer an average rental rate of $7.55 per square foot, which is very competitive and easily-replaceable in the Auburn submarket. The immediate retail submarket is comprised of approximately 890,000 square feet of retail space with occupancy and triple-net lease rates averaging approximately 95 percent and $11.78 per square foot, respectively. Auburn Plaza offers an incoming investor the opportunity to acquire a stabilized community shopping center in a submarket with very limited competition. In addition, the property offers significant upside through lease-up of the current vacant suite and future rental increase.