CHICAGO—Sand Capital has acquired Park East Marketplace, a retail shopping center at 4315 Commerce Drive in Lafayette, Ind., from DDR Corp. at a price of $1.8 million. Janice Sellis, director of Transwestern’s Chicago retail investment sales group, along with Paul Barile, director, director, were the exclusive agents for the property on behalf of DDR Corp.
Developed in 2000, the center totals 35,100 sq. ft. and is shadow-anchored by a 225,000-sq.-ft. Super Walmart.
At closing, the property was 55 percent occupied and provides an opportunity expand the existing retail by 15,000 sq. ft. and also includes a 1.9-acre developable pad site.