Alabama Real Estate Firm Buys Shopping Center in Merrillville

Birmingham, Alabama-based Sanders Capital Partners has acquired Century Plaza shopping center in Merrillville for $4.8 million.

The real estate firm bought the 18,215 square-foot strip mall, anchored by Panera Bread, Qdoba and Jelly Pancake, to continue its expansion into Indiana and the broader Midwest. Located on a busy stretch of U.S. 30 in the Southlake Mall retail trade area, Century Plaza is home to six tenants, including Plato's Closet used clothing store, Poke-Man Hawaiian poke restaurant and Sky Nail Spa.

“The COVID-era, while certainly a challenge in many respects, has pushed many buyers out of the market and allowed us to move deliberately to acquire a number of exceptional and favorably priced assets that have a resilient tenant base, like we see here in Merrillville,” said Jackson Stewart, executive vice president and general counsel for Sanders Capital Partners.

The firm has been acquiring and developing retail centers, office buildings and light industrial parks throughout the southeastern and midwestern United States for the last five years.

“Our lender network has been especially validating of SCP’s strategy over the course of the pandemic, showing a readiness to move quickly and intelligently to evaluate these opportunities in a variety of markets,” Stewart said.

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