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Property Lines - Scott Olson

Welcome to Property Lines, Indy's favorite source for neighborhood real estate news. Your host, IBJ real estate beat reporter Scott Olson, can be reached at solson@ibj.com.
Real Estate & Retail

Kite corrals three eateries for center on high-profile Castleton corner

March 7, 2016

Kite Realty Group Trust appears to have corralled three eateries for its 10,000-square-foot strip center that will replace the Perkins restaurant building at the high-traffic corner of East 82nd Street and Allisonville Road.

Castletn Corner rendering 225pxThe Indianapolis-based retail developer’s marketing materials for the new center in Castleton advertise up to 5,600 square feet of space still available, where prospective tenants can “join Chipotle, Smashburger, and Pie Five."

Dubbed Castleton Crossing, the center should open in October at the northeast corner of the intersection—one of the busiest in the city.

It will replace the Perkins restaurant that closed Feb. 21 after Kite declined to renew the Memphis, Tennessee-based chain’s lease.

Steve Delaney of CBRE Sitehawk, who represents Perkins, told Property Lines that Perkins is searching for another location in the area. The restaurant was the chain’s only outpost in Indianapolis. It has two in Noblesville—on State Road 37 and in Hamilton Town Center.

Dallas-based Pie Five Pizza Co. and Denver-based Smashburger are relative newcomers to the metropolitan area.

The fast-fire pizza chain last year opened its first two metro area locations—downtown at 48 E. Washington St. and at the Anson development in Whitestown. The fast-casual burger chain opened its first in September, at 2560 E. 146th St. in Westfield.
 
Burrito joint Chipotle, also based in Denver, has 12 area locations.

Kite’s new strip center will be built on land that’s part of the company’s 280,000-square-foot Castleton Crossing shopping center, which it bought in 2013 for $39 million. The center is fully leased and anchored by TJ Maxx HomeGoods, Burlington Coat Factory, K&G Fashion Superstore and Value City Furniture.
 

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