201 S State Rd 135, Greenwood, IN 46142 For Sale

Pegasus Investments Real Estate Advisory Inc., in conjunction with ParaSell, Inc., as exclusive advisors to Seller, are pleased to present the opportunity to acquire Shops on Meridian, a 100% leased multi-tenant retail property located at 201 S State Road 135 in Greenwood, Indiana (the “Property”). The Property is leased to two national tenants — Mathnasium and Jamba/Auntie Anne’s — producing a synergistic, family-oriented tenant roster with a ~10 year weighted average lease term remaining. Both leases feature rare 3.5% annual rental increases, delivering compounding, inflation-resistant cash flow that meaningfully outperforms the market, achieving an 8.46% cap rate by Year 10.

The Property occupies a signalized hard-corner position at the intersection of State Road 135 and West Main Street, two of Greenwood’s most heavily trafficked corridors delivering combined traffic counts exceeding 55,000 vehicles per day. The site sits directly across the intersection from a Meijer grocery store which draws approximately 1.8 million annual visitors per Placer, generating a consistent, high-frequency traffic pattern throughout the surrounding corridor. The Property’s positioning is further reinforced by a premier lineup of national co-tenants along SR 135, including Chick-fil-A, Starbucks, McDonald’s, Texas Roadhouse, Panda Express, Taco Bell, Popeyes, Arby’s, and Papa John’s, among others.

The tenancy is purpose-built for Greenwood’s family-driven suburban consumer base. Mathnasium, a nationally recognized K–12 supplemental education brand with over 1,100 locations, benefits directly from Center Grove Community School District. The school district is ranked #1 in Johnson County and #15 in Indiana. With ~9,600-student enrollment and an academically competitive environment, the area drives consistent, year-round demand for tutoring and academic-related services. The Jamba/Auntie Anne’s combination store pairs two complementary concepts under one roof, broadening consumer appeal and acting as a synergistic co-tenant for students and parents alike. Together, the three concepts function as a cross-merchandised, one-stop family destination that drives repeat visitation and cross-tenant traffic.

The Property benefits from exceptional underlying fundamentals. Average household incomes within a one-mile radius approach $104,000, and Greenwood ranks among Indiana’s fastest-growing cities, having expanded 80% since 2000 and growing faster than 87% of similarly-sized U.S. cities. Employment in Greenwood grew approximately 7% from 2023 to 2024, adding over 2,200 jobs. Within a 2.5-mile radius, more than $110 million in newly delivered and approved development is actively reshaping the trade area, anchored by the 90-acre Center Grove Park mixed-use PUD approved in December 2024, which will deliver 250 apartment units and up to 150,000 square feet of commercial space directly along SR 135. At the citywide level, over 1,625 single-family homes and 594 apartment units are currently under construction. Further reinforcing the corridor’s long-term trajectory, furthermore, traffic volumes projected to increase 70% by 2040.

Greenwood sits just 15 minutes south of downtown Indianapolis, one of the Midwest’s most stable and fastest-growing metros with a population approaching 2.3 million. The region consistently ranks among the top U.S. metros for affordability, job growth, and quality of life, and Indiana was recently ranked the #1 state for business. With a 9.5-year WALT, rare 3.5% annual rent escalations, a signalized hard-corner location directly across from a dominant grocery anchor, and a synergistic franchise tenant mix backed by Greenwood’s robust demographic and development tailwinds, Shops on Meridian represents a compelling opportunity to acquire a durable, long-term income stream in one of the Midwest’s strongest suburban growth markets.