South Pointe Crossing in Terre Haute sold

Aug. 8—South Pointe Crossing in Terre Haute, off South U.S. 41 at Seventh Street, has been sold in two separate transactions for just over $10 million, according to Hanley Investment Group Real Estate Advisors, a national real estate brokerage firm.

Thompson Thrift Commercial was the seller of both properties and the original developer of South Pointe Crossing.

There were two separate transactions with two different buyers of the properties, which were a free-standing single-tenant Starbucks building and a 41,663-square-foot multi-tenant retail center, according to a new release issued Monday.

In the first transaction, Hanley Group's Dylan Mallory, in association with ParaSell Inc. completed the sale of the 2,212-square-foot Starbucks at 4900 S. U.S. Highway 41. That building, which was built in 2007 and renovated in 2017, is positioned as an outparcel to the larger South Pointe Crossing.

"The Starbucks features excellent visibility to U.S. Highway 41 and ranks as one of the top performing locations in Indiana, according to Placer.ai. The sale price was $1,805,000. The buyer was a private family office based in Erie, Pennsylvania," Hanley Group said.

In the second transaction, Mallory, in association with ParaSell, Inc., completed the sale of the 41,633- square-foot multi-tenant portion of South Pointe Crossing.

That property is located at 4700-4800 S. U.S. 41 and features four separate buildings with frontage along U.S. 41 and South Seventh Street. The property was built in 2002 and was 97%-occupied at the time of sale with tenants including Sherwin-Williams, T-Mobile, Charles Schwab & Co., Papa John's, Once Upon a Child, Plato's Closet, Big Red Liquors and Indiana Farm Bureau Insurance.

The sale price was $8.2 million.

The buyer of the multi-tenant retail portion of South Pointe Crossing was a private partnership based in Indianapolis.