2014 FORT WAYNE, INDIANA RETAIL MARKET SURVEY

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Brent Matthews
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2014 FORT WAYNE, INDIANA RETAIL MARKET SURVEY 2014 REVIEW 2015 FORECAST PREPARED WITH THE ASSISTANCE OF 2014 was an active year for retail transactions in the Fort Wayne area; however, it was less

There are 12 vacant retail big boxes 20,000 sq. ft. or greater, totaling 671,159 sq. ft., compared to 15 big boxes totaling 919,390 sq. ft. a year ago.

BC Wood purchased Time Corners Shopping Center and is redeveloping the Center. The former American Health Fitness was purchased by Lifeline Homes and will be converted to office.

Retailers include Art Van Furniture, Ulta Beauty, Panera Bread, Bagger Dave s, Jersey Mike s Subs, Dollar General, American Mattress and Cap n Cork.

1 2014 FORT WAYNE, INDIANA RETAIL MARKET SURVEY 2014 REVIEW 2015 FORECAST PREPARED WITH THE ASSISTANCE OF 2014 was an active year for retail transactions in the Fort Wayne area; however, it was less active than The overall market vacancy in October 2014 was 14.5%. This is slightly lower than The only quadrant that saw a vacancy rate decrease was the northwest. There are 12 vacant retail big boxes 20,000 sq. ft. or greater, totaling 671,159 sq. ft., compared to 15 big boxes totaling 919,390 sq. ft. a year ago. Notable transactions in the southwest quadrant included, Rural King, Starbucks, AT&T Wireless, Gap Factory Store, 1st Source Bank, First Federal Bank and Jersey Mike s Subs. BC Wood purchased Time Corners Shopping Center and is redeveloping the Center. The former American Health Fitness was purchased by Lifeline Homes and will be converted to office. Parkwest Shopping Center will be renovated and renamed Jefferson Commons. The northeast quadrant saw the most activity, with retailers either entering the market or adding additional locations. Retailers include Art Van Furniture, Ulta Beauty, Panera Bread, Bagger Dave s, Jersey Mike s Subs, Dollar General, American Mattress and Cap n Cork. Two new grocery stores opened - Fresh Thyme Farmers Market and Earth Fare. Two new financial institutions are 1st Source Bank and Fort Financial Credit Union. Jared Jewelry will be opening a store at the former Mike s Carwash site at Glenbrook Square. Kmart announced it will be closing the last remaining Fort Wayne store located on Coliseum Blvd. The northwest quadrant saw new restaurants with Longhorn Steakhouse entering the market, along with Tim Hortons. The former K s Merchandise is now home to a second, 42,000 sq. ft., location for Darlington Holiday Warehouse and a new, 28,000 sq. ft., location for Fast Track Racing. In the southeast quadrant we will see the long vacant Target at S. Anthony Blvd. and U.S. 27 be converted to a Lifeline Data Corporation data center. The formerly vacant Scott s on Decatur Rd. has been converted to a warehouse. Family Dollar will build a new store on Bluffton Rd. Interest in retail space downtown will continue to accelerate, enhanced by the Ash Brokerage Development between Wayne St. and Berry St. Lease rates are increasing for the most popular locations with high traffic and high visibility, especially for first generation developments. Lease rates will be stable to falling for second generation space in less desirable locations. There is speculation that a big box retailer will develop at the southeast corner of Dupont Rd. and Diebold Rd. on the northwest side of Fort Wayne. Steven K. Zacher, SIOR, CCIM Alfred J. Zacher, SIOR Joy Neuenschwander, CPM Brian G. Bean Fletcher Moppert Rachel Romary John M. Adams, CCIM Brent L. Overholt, MAI Dan Reese Zach Meyer FOR MORE INFORMATION PLEASE CONTACT: THE ZACHER COMPANY 444 EAST MAIN STREET, SUITE 203, FORT WAYNE, IN PHONE: (260) INFO@ZACHERCO.COM

2 1,600,000 1,400,000 1,200,000 1,000, , , , ,000 0

3 3,000 2,500 2,000 1,500 1, ,000

4 *In our market, triple net means the tenant is responsible for all operating costs such as real estate taxes, building insurance, interior and exterior maintenance and repairs. The landlord is responsible for roof and structure. 1,200,000 1,000, , , , ,000 0

It is reviewed annually and adjusted due to circumstances in the market, such as new construction, re-positioning of existing buildings to another type of use and demolition.

6 Methodology: retail market survey report is a compilation of data from many sources. The total amount of square footage in the marketplace area was originally gleaned from reports prepared by LoopNet and CoStar. It is reviewed annually and adjusted due to circumstances in the market, such as new construction, re-positioning of existing buildings to another type of use and demolition. It includes retail buildings only and does not include flex space or space that was formerly retail and converted to an alternative use. The vacancy square footage is compiled from a combination of online data from multiple major listing services, brokers information from their websites and their mailings and industry knowledge. New construction is added to the inventory upon delivery of the space, during the reporting period. Retail spaces are added to available inventory at the time the store is vacant. Available space also includes retail spaces available for sub-lease. The brokers in our office are involved in the creation of this report to provide the most accurate information possible. We cannot be responsible, however, for errors, omissions, prior sale or lease or withdrawal from the market.

RETAIL SPACE LEASE. MARKETPLACE WEST 3095 W. 11th Avenue- Eugene, OR. For more information contact: PROPERTY HIGHLIGHTS: AVAILABLE RETAIL SPACE:

RETAIL SPACE LEASE. MARKETPLACE WEST 3095 W. 11th Avenue- Eugene, OR. For more information contact: PROPERTY HIGHLIGHTS: AVAILABLE RETAIL SPACE: LEASE RETAIL SPACE MARKETPLACE WEST 3095 W. 11th Avenue- Eugene, OR AVAILABLE RETAIL SPACE: SPACE 3131-2,300 SQUARE FEET SPACE 3015-2,340 SQUARE FEET LEASE RATE: $17.50/SF NNN For more information contact: