Churchman Hill Plaza - Most Tenants 10+ Yr Occ - IG Anchors
IG Anchored Shopping Center | 5 Tenants of 20+ Yrs | Value-Add Potential | Dense 5 Mile Demos
Marketing description
Fortis Net Lease is please to present Churchman Hill Plaza, a stabilized core-plus retail property with immediate income yield and long-term value creation optionality. The asset offers durable in-place cash flow supported by a diversified tenant roster anchored by investment-grade national credit tenants (Dollar Tree and Dollar General) alongside essential service, food, wellness, and neighborhood retail uses. Occupancy stability is reinforced by multiple tenants with 10–40+ year operating histories at the site, demonstrating long-term location viability and tenant stickiness.
The offering is priced at an 8.15% going-in cap rate based on $686,866.41 NOI, providing a strong yield premium relative to comparable stabilized retail assets while maintaining downside protection through diversified income streams and non-discretionary tenant categories. Embedded lease escalations and rollover mark-to-market opportunities provide organic NOI growth without reliance on speculative leasing. The 8.49-acre land footprint introduces meaningful long-term optionality through potential pad site development, rent increase on lease rollovers (many tenants without option periods), redevelopment potential and leasing up vacancies, creating multiple value-creation paths beyond passive income. This land component materially enhances risk-adjusted return potential and provides a strategic hedge against long-term retail evolution.
Investment highlights
- Investment-Grade National Anchors | Dollar Tree & Dollar General, S&P ‘BBB’
- Long-Term Tenants | Multiple 10–40+ Year Operators Demonstrating Location Durability
- Upside Potential | Leasing of Vacant Spaces & Converting Gross Leases to NN Leases to Recover Additional Expense Slippage
- Diversified Tenant Mix Across Essential Retail, Service, Food, Wellness, and Specialty Uses
- High-Visibility Corridor Location with Strong Commuter and Neighborhood Traffic
- Embedded NOI Growth via Rent Escalations, Options, and Rollover Mark-to-Market
- Core-Plus Profile Combining Income Security with Long-Term Value Creation Upside
- Strategic Suburban Infill Location Near Indianapolis with Dense Residential Support - Over 221,000 Residents within 5 Miles
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