Listed by Mid-America Real Estate Corporation, Mid-America Real Estate
$9,550,000
Time Corners
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 80,353
Cap Rate 7.50%
NOI $716,083
Occupancy 84.4%
Tenancy Multi
Pro-Forma NOI $932,021
Year Built 1960
Year Renovated 2015
Acreage 8.500
Parking Spaces 4 per 1,000 sq ft
Investment Type Value Add
Ground Lease No
Retail | 7.50% CAP | 80,353 SqFt
Marketing description
Mid-America Real Estate Corporation has been retained on behalf of the owner to sell the 100% fee simple interest in Time Corners, an 90% leased shopping center located in Fort Wayne, Indiana
Investment highlights
- Irreplaceable Location - Time Corners is situated at the northwest corner of Jefferson Boulevard (26,526 VPD) and Covington Road (11,699 VPD) in the heart of Fort Wayne's best retail and residential neighborhoods. The subject offering benefits from its convenient location just one mile southeast of a full interchange with Interstate 69 and Illinois Road. Interstate 69 is the major highway serving Fort Wayne, providing outstanding access to both a local and regional customer base throughout the Fort Wayne region.
- Dynamic Tenant Mix - The subject offering is leased to a complementary mix of national and regional service, food, and specialty tenants including Dollar Tree, Anytime Fitness, O'Reilly Auto Parts, Sola Salons, Five Guys Burgers and Fries, Smoochie Pooch, Joseph's A&B Natural Foods, and Sakura Restaurant. Ten tenants at Time Corners, or 57% of the GLA, have a tenure of over 10 years. These tenants include Anytime Fitness, Belmont Beverage, Cebolla's, Five Guys Burgers and Fries, Joseph's A&B Natural Foods, Le Nails, O'Reilly Auto Parts, Pyromaniac Fireworks, Sakura Restaurant, and Sola Salon Studios.
- Strong Retail Trade Area - The Jefferson Boulevard regional trade area is anchored by several large retail centers with traffic driving national and regional tenants. The trade area is anchored by Jefferson Pointe, located one mile northeast of Time Corners along Jefferson Boulevard. The open-air regional lifestyle center is anchored by Von Maur, Marshalls, Burlington, Sierra, Michaels, Old Navy, Trader Joes, and an 18-screen AMC Theatre. Jefferson Pointe also features a host of upscale national retailers such as Victoria's Secret, Vera Bradley, White House Black Market, Ann Taylor LOFT, and Chico's. Jefferson Pointe has also recently executed leases with Sephora, Hibbett Sports, Kendra Scott, and Carhartt, all in process for 2026 openings. The trade area is home to many big-box retailers including Walmart, Dick's Sporting Goods, Kohl's, Best Buy, Target, Lowe's, Meijer, Menards, The Fresh Market, Ashley, Ulta, and PetSmart, amongst others.
- Healthy Secondary Market - As the economic anchor of Northeast Indiana, the Fort Wayne metro area is home to nearly 463,000 people and continues to expand rapidly. Affordability is a major draw — Fort Wayne ranks 7th in the U.S. for lowest cost of living and 6th among the best cities to buy a home in 2025, according to Niche. The state of Indiana also stands out, ranked 12th for business climate and 2nd for startup potential by Forbes. Time Corners is strategically located within one of the wealthiest zip codes in Indiana, providing a captive customer base with high household incomes and affordable yet high standard of living.
- Value-Add Proposition - The 84% occupied subject property provides investors an opportunity to substantially enhance the asset's value by leasing up the remaining 12,565 square feet of small shop space, thereby increasing the gross income stream by nearly $233,000 based on market leasing rates.
- Recent Leasing Velocity - The center has experienced significant leasing velocity in recent years with new leases signed by Fuel Bar (2025), Sunny Spa (2025), Chillz Delights (2025), Dollar Tree (2024), and 20 Past 4 and More (2024). Recent renewals have been completed with Belmont Beverage (5 years) and Thai Metta (5 years) in 2026, Cebolla's (5 years), Sakura Restaurant (7 years), and Pyromaniac Fireworks (2 years) in 2025, along with Anytime Fitness (5 years), Five Guys Burgers and Fries (10 years), and Le Nails (5 years) in 2024. In addition to extending their leases, Anytime Fitness expanded its space by 2,252 square feet and 20 Past 4 and More expanded its space by 1,020 square feet.
- Exceptional Demographic Profile - There are 115,775 residents enjoying an average household income of $87,597 within a five-mile radius of Time Corners. Additionally, the area sees a 20% increase in daytime population as a result of the nearby strong office density. The population within a one-mile radius of the center is expected to increase by 11.1% over the next five years, driven by major housing projects in the immediate surrounding area, such as the Flats at Walnut Ridge (322 new apartments), which opened in 2025.
- Below Replacement Cost Opportunity - The subject offering presents the rare opportunity to acquire the improvements at a low-cost basis. Time Corners offers an investor entry into a strong performing asset that cannot be replicated given the cost of new construction.
Listing Contacts
Listed by Mid-America Real Estate Corporation, Mid-America Real Estate
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$716,083.00
$59,673.58/mo
Valuation Metrics
0
DSCR
7.5%
Cap Rate
7.5%
ROI
Map
Zoning
C4 CommercialSpecial CommercialIntensive Commercial
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View all 421 uses Last updated May 15, 2026 For deeper zoning details, reports are available at Zoneomics
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