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The Highland Shoppes 4023-4025 W 3rd St 19,700 SF 100% Leased Retail Building Bloomington, IN 47404 $2,845,400 ($144.44/SF) 8% Cap Rate
INVESTMENT HIGHLIGHTS
- Anchor tenant BioLife Plasma Services occupies over 50% of the GLA and just signed a new long-term lease.
- Generating additional income of $3,720 through pylon signage rental to Big Red Liquors and Cloverleaf Restaurant.
- Bloomington is home to Indiana University, with over 47,000 students and 2,500 faculty members providing a consistent customer base for the tenants.
- Established retail corridor with Kroger, Lowe’s, Menards, HomeGoods, PetSmart, Michaels, T.J. Maxx, Shoe Carnival, Office Depot, Planet Fitness, & CVS
- Recently extended lease term by Rent-A-Center and a conversion to a triple-net lease.
- Half a mile proximity to the entrance and exit to I-69 (44k VPD)
EXECUTIVE SUMMARY
Bellagio Real Estate Partners, LLC is pleased to present The Highland Shoppes, a three-tenant real estate investment opportunity located at 4023 W 3rd St, Bloomington, IN. This 19,700 SF shopping center sits on 0.98 acres along a highly trafficked corridor half a mile from I-69 (44,000 VPD), offering excellent visibility and accessibility.
The asset is anchored by BioLife Plasma Services, a subsidiary of Takeda Pharmaceutical Company Limited, a global biopharmaceutical leader with investment-grade credit ratings from S&P (BBB+) and Moody's (Baa1). BioLife occupies 10,000 SF (over 50% of the total GLA) under a new long-term lease, providing stable cash flow backed by a global parent company.
The center is further complemented by Cloverleaf Family Restaurant, a long-standing local eatery that recently underwent a remodel, and Rent-A-Center, a national lease-to-own retailer. Cloverleaf operates under a NNN lease through 2028 with scheduled annual rent increases and two 5-year renewal options, while Rent-A-Center recently extended their lease an additional five years and converted from a gross lease to a NNN structure, reducing landlord expense exposure.
Investment Highlights:
- Anchor tenant BioLife Plasma Services (subsidiary of credit-rated Takeda Pharmaceutical Company) occupies over 50% of the GLA and just signed a new long term lease.
- Significant surrounding traffic provided by an established retail corridor with Kroger, Lowe’s, Menards, HomeGoods, PetSmart, Michaels, T.J. Maxx, Shoe Carnival, Office Depot, Planet Fitness, CVS, Outback Steakhouse, Chipotle, Arby’s, Wendy’s, Taco Bell, Speedway, Marathon, and Crew Carwash.
- Bloomington is home to Indiana University, with over 47,000 students and 2,500 faculty members providing a consistent customer base for the tenants.
- Generating additional income of $3,720 through pylon signage rental to Big Red Liquors and Cloverleaf Restaurant.
- Cloverleaf underwent a recent remodel showing commitment by the tenant.
-Less than a mile from Ivy Tech Community College Bloomington Campus with over 6,500 students.
The asset is anchored by BioLife Plasma Services, a subsidiary of Takeda Pharmaceutical Company Limited, a global biopharmaceutical leader with investment-grade credit ratings from S&P (BBB+) and Moody's (Baa1). BioLife occupies 10,000 SF (over 50% of the total GLA) under a new long-term lease, providing stable cash flow backed by a global parent company.
The center is further complemented by Cloverleaf Family Restaurant, a long-standing local eatery that recently underwent a remodel, and Rent-A-Center, a national lease-to-own retailer. Cloverleaf operates under a NNN lease through 2028 with scheduled annual rent increases and two 5-year renewal options, while Rent-A-Center recently extended their lease an additional five years and converted from a gross lease to a NNN structure, reducing landlord expense exposure.
Investment Highlights:
- Anchor tenant BioLife Plasma Services (subsidiary of credit-rated Takeda Pharmaceutical Company) occupies over 50% of the GLA and just signed a new long term lease.
- Significant surrounding traffic provided by an established retail corridor with Kroger, Lowe’s, Menards, HomeGoods, PetSmart, Michaels, T.J. Maxx, Shoe Carnival, Office Depot, Planet Fitness, CVS, Outback Steakhouse, Chipotle, Arby’s, Wendy’s, Taco Bell, Speedway, Marathon, and Crew Carwash.
- Bloomington is home to Indiana University, with over 47,000 students and 2,500 faculty members providing a consistent customer base for the tenants.
- Generating additional income of $3,720 through pylon signage rental to Big Red Liquors and Cloverleaf Restaurant.
- Cloverleaf underwent a recent remodel showing commitment by the tenant.
-Less than a mile from Ivy Tech Community College Bloomington Campus with over 6,500 students.
PROPERTY FACTS Under Contract
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
19,700 SF
Building Class
B
Year Built
1977
Price
$2,845,400
Price Per SF
$144.44
Cap Rate
8%
NOI
$227,632
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.46
Lot Size
0.98 AC
Opportunity Zone
Yes
Zoning
MM
Parking
125 Spaces (6.35 Spaces per 1,000 SF Leased)
Frontage
261’ on W 3rd St
AMENITIES
- Pylon Sign
NEARBY MAJOR RETAILERS
Fifth Third Bank
PROPERTY TAXES
| Parcel Number | 53-09-01-201-001.000-016 | Improvements Assessment | $975,700 |
| Land Assessment | $274,500 | Total Assessment | $1,250,200 |
PROPERTY TAXES
Parcel Number
53-09-01-201-001.000-016
Land Assessment
$274,500
Improvements Assessment
$975,700
Total Assessment
$1,250,200
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The Highland Shoppes | 4023-4025 W 3rd St
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