Ryan Roedersheimer, senior vice president in Northmarq’s Cincinnati office, has completed the sale of a multi-tenant retail property in Vincennes Indiana. Kimmell Crossing is a 44,962-square-foot shopping center located at 636-648 Kimmell Road and was fully leased to 10 tenants at the time of sale. Roedersheimer represented the seller, DPPM Management, who acquired the asset in early 2022 from Regency Properties. A local investor purchased the property for approximately $5.2 million in a 1031 exchange.
“This was my first experience at selling a property twice in the same calendar year. We never planned it this way, although the seller knew he acquired the property at a great bargain. The only drawback was the distance from his home state of NC,” said Roedersheimer. “After six months, my teammate, Chris Vitori, presented the off-market details to his client and it was the perfect fit! All sides couldn’t be happier with the outcome!”
Built in 1997, Kimmell Crossing sits in a dense retail corridor at a signalized intersection. The Walmart shadow-anchored strip center includes tenants such as Dollar Tree, Maurices, Sally Beauty Supply, T-Mobile, and CATO. Situated on 4.24 acres, Kimmell Crossing is just off the exit ramp of U.S. Highway 41, providing excellent visibility and access.