Liberty Square Retail Center
Retail | 8.69% CAP | 48,327 SqFt
Marketing description
eXp Commercial is pleased to present the opportunity to acquire Liberty Square Shopping Center - a 48,327 square foot multi-tenant retail center located on Broadway (SR 53) in Merrillville, Indiana. The property delivers an 8.69% in-place cap rate with significant value-add upside through lease-up of 6,372 SF of vacant space and mark-to-market rent adjustments.
The center features 22 executed leases across diverse retail categories including dental, wellness, beauty, food service, and specialty retail. Recent capital improvements include new TPO roofs (~2021) and new rooftop HVAC units (RTUs) across both buildings, minimizing near-term capital expenditure requirements.
Situated on NW Indiana's primary retail corridor with 35,000+ vehicles per day, Liberty Square benefits from proximity to I-65, US-30, and Southlake Mall. The Merrillville trade area serves as the commercial capital of Northwest Indiana with strong demographics and sustained demand for retail space.
Investment highlights
- 8.69% IN-PLACE CAP RATE on NW Indiana's primary retail corridor — strong yield with institutional-quality tenancy
- 22 EXECUTED LEASES across 6 use categories providing diverse income streams
- NEW TPO ROOFS & HVAC installed ~2021 across both buildings — minimal near-term CapEx
- WINE BAR SIGNED 3,000 SF lease commences July 2026 — immediate rent growth
- 6,372 SF VACANT (3 UNITS) ~$1.15M additional value at 8.5% cap upon lease-up
- 9 NEW LEASES SIGNED DEC '25 - MAR '26 15,257 SF leased recently - strong market demand and leasing momentum
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