423-427 W Coliseum Blvd
Fort Wayne, IN 46805
Retail Property For Sale

The offering consists of a FedEx Office anchored retail center, comprised of 11,059 square feet, as well as the Midwest Eye Consultants anchored center, comprised of 10,642 square feet. Both are fully occupied, offer all triple net leases, and sit on a large 2.16 acre parcel in front of Glenbrook Square Mall, next to a new shopping center development. Built in 2006, the Midwest Eye Consultants anchored center was built in 2006 and has three tenants. Midwest Eye Consultants takes up over 51% of the property and will sign a new 15 year lease at closing, before Five, Five year options. This tenant also has a right of first refusal on the Frontier Communications suite, and plans to expand into this space in the future. Refresh Dental has been a tenant since 2011, and has four, five year options to extend with rental increases. FedEx Office is comprised of 74% of the two tenant center, and has been a tenant in this space since 1998 with the center being built in 1974. They recently agreed to exercise the upcoming option early, which shows commitment to this site. Pella Windows is a regional tenant, employing over 6,000, and has occupied this site since 2016 paying under market rent of $11.50. Combined, the average rent is $15.09 per square foot on both centers, which is well below market. All tenants hold triple net leases in which the landlord is reimbursed for taxes, insurance and common area maintenance. Both centers are strategically positioned in front of Glenbrook Square Mall on West Coliseum Blvd, the most highly trafficked retail corridor, boasting 38,000 cars per day. Glenbrook is the second largest mall in Indiana, with over 130 shops and anchored by JCPenney and Macy’s. Additionally, the surrounding five mile population exceeds 174,000 residents and continues to grow.