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Appaloosa Crossing Shopping Center 3091 S US 421 23,073 SF 100% Leased Retail Building Zionsville, IN 46077 $15,908,984 CAD ($689.51 CAD/SF) 6.41% Cap Rate
INVESTMENT HIGHLIGHTS
- Appaloosa Crossing is a 23,073-SF shopping center delivered in 2023, now at full occupancy, exclusively listed by Bellagio Real Estate Partners, LLC.
- Stabilized income stream via long-term leases with between seven to 12 years remaining and built-in rent escalations every year or every five years.
- Invest in a booming submarket where total households grew by 16% from 2020 to 2024, with a projected 13% increase by 2029 within a 2-mile radius.
- Anchored by Verde, a multi-location concept with a full-service Mexican restaurant and bar, plus an enclosed patio.
- Classic Cleaners and Aspasia Coffee both feature drive-thrus for convenience, increased traffic, and future tenant appeal.
- Supported by affluent communities, the average annual household income within approximately a five-minute drive is over $216,000.
EXECUTIVE SUMMARY
Bellagio Real Estate Partners, LLC, is pleased to present Appaloosa Crossing, a six-tenant shopping center, located steps from the signalized intersection of Michigan Road (US 421) and E 300 S in Zionsville, Indiana.
Built in 2023, the property comprises approximately 23,073 square feet of retail space on 3.38 acres in a well-established and affluent part of Zionsville. With Michigan Road frontage, the center offers strong visibility and access near major regional connectors, including Interstate 465 and State Road 32. Appaloosa Crossing’s sophisticated design incorporates stone masonry, residential-style eaves, timber beams, and contrasted white-and-black trim, asserting an unmistakable presence.
Appaloosa Crossing is 100% leased to a mix of regional and local service-oriented tenants with diversified uses and space features. Current tenants include Classic Cleaners and Aspasia Coffee & Bake Shop, both of which have drive-thru service. These join Haven Dental Studio, providing in-place medical infrastructure, Uncle Bill’s Pet Center, and Verde, a popular Mexican restaurant featuring a full-service commercial kitchen and a closed-in patio dining area. The tenant mix comprises daily needs and service-oriented operators, creating durable in-person demand that is highly resistant to e-commerce disruption. The center’s modern construction, ample parking, and two drive-thrus create flexibility and long-term tenant appeal. Existing leases range from seven to 12 years in the remaining term, with scheduled rent escalations providing built-in income growth.
Located in one of Indiana’s most affluent communities, Appaloosa Crossing is surrounded by population growth and exciting new commercial and corporate developments. The center has already established itself as a go-to destination for current locals and is well-positioned to benefit further as nearby density increases. With 20,000 vehicles passing by per day on average, as growth continues to rocket, the outlook of this community staple is extremely positive.
Built in 2023, the property comprises approximately 23,073 square feet of retail space on 3.38 acres in a well-established and affluent part of Zionsville. With Michigan Road frontage, the center offers strong visibility and access near major regional connectors, including Interstate 465 and State Road 32. Appaloosa Crossing’s sophisticated design incorporates stone masonry, residential-style eaves, timber beams, and contrasted white-and-black trim, asserting an unmistakable presence.
Appaloosa Crossing is 100% leased to a mix of regional and local service-oriented tenants with diversified uses and space features. Current tenants include Classic Cleaners and Aspasia Coffee & Bake Shop, both of which have drive-thru service. These join Haven Dental Studio, providing in-place medical infrastructure, Uncle Bill’s Pet Center, and Verde, a popular Mexican restaurant featuring a full-service commercial kitchen and a closed-in patio dining area. The tenant mix comprises daily needs and service-oriented operators, creating durable in-person demand that is highly resistant to e-commerce disruption. The center’s modern construction, ample parking, and two drive-thrus create flexibility and long-term tenant appeal. Existing leases range from seven to 12 years in the remaining term, with scheduled rent escalations providing built-in income growth.
Located in one of Indiana’s most affluent communities, Appaloosa Crossing is surrounded by population growth and exciting new commercial and corporate developments. The center has already established itself as a go-to destination for current locals and is well-positioned to benefit further as nearby density increases. With 20,000 vehicles passing by per day on average, as growth continues to rocket, the outlook of this community staple is extremely positive.
SALE FLYER
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
23,073 SF
Building Class
B
Year Built
2023
Price
$15,908,984 CAD
Price Per SF
$689.51 CAD
Cap Rate
6.41%
NOI
$1,020,037 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.16
Lot Size
3.38 AC
Zoning
C-2 - Commercial
Parking
104 Spaces (4.49 Spaces per 1,000 SF Leased)
Frontage
503’ on South Michigan Road
AMENITIES
- 24 Hour Access
- Security System
- Signage
- Tenant Controlled HVAC
- Wheelchair Accessible
- Air Conditioning
- Smoke Detector
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
15 min drive
2024 Population
3,358
24,230
72,747
181,246
2029 Population
3,800
27,279
82,559
212,949
2024-2029 Projected Population Growth
13.2%
12.6%
13.5%
17.5%
Median Age
39.8
39.8
40.0
39.3
College Degree + Higher
71%
70%
68%
38%
Daytime Employees
164
2,159
17,176
135,761
Total Businesses
28
322
2,131
14,309
Average Household Income
$218,906
$198,203
$177,118
$149,290
Median Household Income
$212,431
$179,631
$152,263
$117,721
Total Consumer Spending
$56.9M
$396.7M
$1.2B
$2.7B
2024 Households
1,026
7,707
24,924
70,638
Average Home Value
$661,332
$568,724
$543,728
$546,303
$ values in USD
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 06-08-23-000-002.014-029 | Improvements Assessment | $7,457,714 CAD |
| Land Assessment | $4,139,824 CAD | Total Assessment | $11,597,539 CAD |
PROPERTY TAXES
Parcel Number
06-08-23-000-002.014-029
Land Assessment
$4,139,824 CAD
Improvements Assessment
$7,457,714 CAD
Total Assessment
$11,597,539 CAD
SALE ADVISORS
SALE ADVISORS
Brad Teitelbaum, President
An industry veteran of 16 years, Brad Teitelbaum is a retail investment sales broker focusing on the acquisition and disposition of net lease properties from coast to coast as well as the acquisition and disposition of shopping centers throughout the Midwest. Throughout his career, Brad has directly closed over $750,000,000 of transactions across 28 different states.
Brad started his commercial real estate career at Grubb and Ellis in 2006 with a focus on retail leasing. Brad’s direct leasing experience gives him additional insight and perspective when brokering retail investment transactions on behalf of developers, private investors, family offices, funds as well as larger REIT’s. After Grubb and Ellis, Brad became a nationally recognized and trusted advisor in the retail investment sales market while at Colliers International. With prior experience among the largest real estate brokerage companies in the world and currently running a boutique real estate brokerage firm, Brad has the national reach and experience combined with a persistent approach creating value for his clients.
Brad has been featured in multiple publications including Crains, Real Estate Bisnow and the Illinois Real Estate Journal. Brad is also a long time member of the International Council of Shopping Centers (ICSC) and has been a volunteer at multiple organizations including: Other Side of the Green, PAWS, and Inspiration Kitchen.
Brad started his commercial real estate career at Grubb and Ellis in 2006 with a focus on retail leasing. Brad’s direct leasing experience gives him additional insight and perspective when brokering retail investment transactions on behalf of developers, private investors, family offices, funds as well as larger REIT’s. After Grubb and Ellis, Brad became a nationally recognized and trusted advisor in the retail investment sales market while at Colliers International. With prior experience among the largest real estate brokerage companies in the world and currently running a boutique real estate brokerage firm, Brad has the national reach and experience combined with a persistent approach creating value for his clients.
Brad has been featured in multiple publications including Crains, Real Estate Bisnow and the Illinois Real Estate Journal. Brad is also a long time member of the International Council of Shopping Centers (ICSC) and has been a volunteer at multiple organizations including: Other Side of the Green, PAWS, and Inspiration Kitchen.
Connor Oke, Senior Vice President
Connor Oke joined Bellagio Real Estate Partners in November of 2024 as a Senior Vice President. Connor started his commercial real estate career at WKRP Indy Real Estate in 2023. During this time, he worked with developers to assemble and acquire land for commercial developments, as well as represent tenants and landlords for commercial leasing. Connor also held positions with the Westfield Chamber of Commerce including serving as the Director of Communications,collaborating with local businesses and officials to create unique solutions to address challenges, many of which revolved around the rapid growth of Westfield, in both population and industry. This led to his interest in community planning and real estate.
Connor knows no stranger, and his genuine curiosity helps him build meaningful relationships. When combined with his experience in leasing and ground up development, he is well prepared to add value in the retail investment space.
Connor knows no stranger, and his genuine curiosity helps him build meaningful relationships. When combined with his experience in leasing and ground up development, he is well prepared to add value in the retail investment space.
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Appaloosa Crossing Shopping Center | 3091 S US 421
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