Jones Lang LaSalle Incorporated : Open-air power center in Fort Wayne sells

CHICAGO, Jan. 10, 2022 -JLL Capital Markets announced today that it has closed the sale of Apple Glen Crossing, a 150,163-square-foot, open-air power center anchored by Best Buy and Dicks Sporting Goods in Fort Wayne, Indiana.

JLL marketed the property on behalf of the seller, Brixmor Property Group. Berengaria Development, the real estate arm of Marcus Investments LLC, a private investment firm, purchased the asset.

Ranked in the top five percent of shopping centers nationally and in Indiana, Apple Glen Crossing is 94 percent leased to a dominant lineup of national tenants such as Best Buy, Dick's Sporting Goods, Kohl's, Shoe Carnival, PetSmart and Ulta Beauty. Adding to the diverse tenant mix are Triumph Box & Ryde, Cali Nails, Wendy's, Sports Clips, Herbalife, America's Best Contacts & Eyeglasses, Warhammer and The Hearing Center, among others. Completed in 2000, the asset also has space to expand with the addition of a 10,934-square-foot outparcel pad site, and the property is shadow anchored by a non-owned Kohl's and large discount retailer.

Positioned on 17.43 acres at 1720-1770 Apple Glen Blvd., Apple Glen Crossing has excellent visibility due to its location between Illinois Road and Jefferson Boulevard, which have a combined traffic count of 56,308 vehicles per day. The property is also within Fort Wayne's destination retail corridor, which helps drive traffic to the center, which, according to Placer.ai, has welcomed 3.7 million visitors over the past 12 months. The center serves a trade area that includes137,293 residents and 117,687 daytime employees within a five-mile radius.

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder, along with Vice President Tim Murray.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos, and research resources on JLL, please visit our newsroom.