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Carmel / Hamilton County / Regional News

Former Shapiro's in Carmel hits market with $2.1M price

December 20, 2013

The Carmel Redevelopment Commission has engaged Colliers International to market and sell the former Shapiro’s Delicatessen building in growing Carmel City Center.

Principal broker Tom Osborne described the 11,500-square-foot brick building as a “one-of-a-kind” opportunity for a buyer interested in being part of the City Center project.

Carmel-based Pedcor Cos. announced plans this week to add six buildings there over the next five years or so. Most include at least some leased commercial space.

But the CRC-owned building, which has been vacant since Shapiro’s pulled the plug on its Carmel location in June, is available now. Much of the restaurant equipment is still in place. And with a $2.1 million listing price, it isn’t out of reach for an owner-operator.

“It’s a chance for someone to come in and actually own a building in the heart of City Center,” Osborne said. “That’s rare in itself.”

Erected in 2001, the building at 918 S. Range Line Road kicked off Carmel’s ambitious downtown redevelopment project. But it took time for the rest of City Center to materialize, and the deli struggled financially.

The CRC bought Shapiro’s $2.5 million mortgage three years ago to help ease the strain; the restaurant closed in June.

In October, the redevelopment commission rejected two bids for the property after a formal RFP process failed to yield an acceptable offer. Officials declined to elaborate on the decision.

The board last month voted to bring in the local Colliers office after evaluating proposals from four commercial brokerages.

Osborne said recent residential and commercial activity in Carmel is a good sign for the property’s prospects. Existing space in City Center is fully leased, and Pedcor’s decision to move forward with the next phase of construction is another plus.

“The timing is really ideal now,” he said, speculating that the previous occupant faltered because the market wasn’t ready to support such a large restaurant.

The 9,000-square-foot first floor could accommodate a single user or be subdivided for multiple tenants, he said. Second-floor space—required of all buildings along Range Line Road until earlier this year—could be used for offices.

“It’s a nice bonus, but it’s not retail space,” Osborne said.

There’s been buzz about the need for an upscale, “white-tablecloth, steakhouse-type restaurant” in the area, he said, but all offers will be considered. The property is zoned for office, retail and commercial use.

Colliers’ marketing department is working on sales materials now—ample parking and dedicated access to the Monon Greenway are other selling points— and a “for sale” sign is expected to go up next week.

Osborne expects strong interest after the first of the year and hopes to close on a sale by spring.

“We’ve already showed the property once. Word is out,” said listing partner Jeff Merritt, Colliers’ vice president of commercial services. “It’s a high-profile property; everyone knows where it is. That’s valuable, too.”
 

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