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Shadeland Station shopping center bought for $9.5M

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New York-based Time Equities Inc. has purchased the Shadeland Station shopping center on the city’s northeast side for $9.5 million, the company announced Thursday.

Located at 7481 Shadeland Ave., the nearly 105,000-square-foot center is anchored by a Marsh supermarket and 85-percent occupied. Other tenants include Planet Fitness, Dollar Tree, H&R Block, Subway and a UPS store.

The seller was a joint venture between Westchester, Ill.-based Tri-Land Developments Inc. and an affiliate of Equity Group Investments.

TEI said it will renovate the center’s interior and make improvements to outdoor signage in an effort to modernize its overall appearance. The property will be managed by Cassidy Turley.

“Time Equities Inc. continually seeks out well-positioned centers in highly trafficked areas, like Shadeland Station, as we continue to grow our national retail footprint,” Ami Ziff, TEI’s director of national retail, said in a written statement.

The acquisition marks TEI’s first foray into Indiana. Founded in 1966, TEI has properties in 25 states, four Canadian provinces and Germany consisting of about 22.1 million square feet of residential, industrial, office and retail space.
 
 

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  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

  2. I sure hope so and would gladly join a law suit against them. They flat out rob people and their little punk scam artist telephone losers actually enjoy it. I would love to run into one of them some day!!

  3. Biggest scam ever!! Took 307 out of my bank ac count. Never received a single call! They prey on new small business and flat out rob them! Do not sign up with these thieves. I filed a complaint with the ftc. I suggest doing the same ic they robbed you too.

  4. Woohoo! We're #200!!! Absolutely disgusting. Bring on the congestion. Indianapolis NEEDS it.

  5. So Westfield invested about $30M in developing Grand Park and attendance to date is good enough that local hotel can't meet the demand. Carmel invested $180M in the Palladium - which generates zero hotel demand for its casino acts. Which Mayor made the better decision?

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