Carmel, IN – February 6th, 2024 – Equity Street Capital, in collaboration with its partner, Big V Property Group, is excited to announce the successful acquisition of Merchants’ Square in Carmel, Indiana. This strategic move marks Equity Street Capital’s debut in the Indianapolis market.
Merchants’ Square, a sprawling open-air shopping center covering 232,284 square feet, is strategically situated in Carmel, an affluent suburb just north of Indianapolis. As the second fastest-growing Metropolitan Statistical Area (MSA) in the Midwest, Indianapolis has witnessed a remarkable 13.2% population surge since 2010, solidifying Carmel’s position as the third-largest city within the MSA. Carmel consistently earns recognition as the #1 suburb in America, as affirmed by esteemed publications such as Niche, Town & Country, and Money. This acclaim underscores the exceptional quality of life and the vibrant community that characterize the area.
Benefiting from its location in a high-volume traffic district, Merchants’ Square is well-positioned to attract a consistent flow of consumers, bolstering its visibility and accessibility. The shopping center boasts a diverse tenant mix featuring well-established brands like Planet Fitness, Flix Brewhouse, Cost Plus World Market, Petco, and Dollar Tree, offering patrons a varied and engaging shopping experience. Furthermore, the property stands to gain from its association with Harvest Market, an Illinois-based grocery store chain, set to open its first Indiana location at the center in the fall of 2024, contributing an additional 76,000 square feet to the dynamic retail landscape.
Jeff Rosenberg, President of Big V Property Group, commented, “We are thrilled to expand our portfolio into the Indiana market with the acquisition of Merchants’ Square. This property is a testament to our commitment to strategic growth and investment in areas with strong economic potential. The vibrant, growing community of Carmel, recognized for its high rankings and quality of life, alongside the impressive tenant lineup, makes Merchants’ Square a prime addition to our portfolio.”
“Our diligence determined that Carmel, IN is truly a jewel trade area. It offers the unique combination of high incomes and high growth, which aligns perfectly with Big V’s business model,” stated Eric Zimmermann, Big V Property Group Chief Acquisitions Officer. “The high-quality fundamentals combined with the pending opening of Harvest Market paint a bright future for the asset.”
About Equity Street Capital
Equity Street Capital is a San Diego-based commercial investment firm focused on achieving attractive risk-adjusted returns while maximizing long-term capital appreciation. Equity Street Capital manages over $2.2 billion worth of real estate across the country. It was founded by Than Merrill and Paul Esajian, real estate investors and entrepreneurs who are also renowned for their real estate investment education company and residential investment firm.
About Big V Property Group
Big V Property Group owns and operates over 50 neighborhood and community shopping centers totaling over 9.5 million square feet, primarily located in the southern region of the US. Big V Property Group has five offices with major offices in Charlotte, NC, San Antonio, TX, Bristol, TN and Florida, NY.