Bellagio Real Estate Partners, LLC is pleased to present The Highland Shoppes, a three-tenant real estate investment opportunity located at 4023 W 3rd St, Bloomington, IN. This 19,700 SF shopping center sits on 0.98 acres along a highly trafficked corridor half a mile from I-69 (44,000 VPD), offering excellent visibility and accessibility.
The asset is anchored by BioLife Plasma Services, a subsidiary of Takeda Pharmaceutical Company Limited, a global biopharmaceutical leader with investment-grade credit ratings from S&P (BBB+) and Moody's (Baa1). BioLife occupies 10,000 SF (over 50% of the total GLA) under a new long-term lease, providing stable cash flow backed by a global parent company.
The center is further complemented by Cloverleaf Family Restaurant, a long-standing local eatery that recently underwent a remodel, and Rent-A-Center, a national lease-to-own retailer. Cloverleaf operates under a NNN lease through 2028 with scheduled annual rent increases and two 5-year renewal options, while Rent-A-Center recently extended their lease an additional five years and converted from a gross lease to a NNN structure, reducing landlord expense exposure.
Investment Highlights:
- Anchor tenant BioLife Plasma Services (subsidiary of credit-rated Takeda Pharmaceutical Company) occupies over 50% of the GLA and just signed a new long term lease.
- Significant surrounding traffic provided by an established retail corridor with Kroger, Lowe’s, Menards, HomeGoods, PetSmart, Michaels, T.J. Maxx, Shoe Carnival, Office Depot, Planet Fitness, CVS, Outback Steakhouse, Chipotle, Arby’s, Wendy’s, Taco Bell, Speedway, Marathon, and Crew Carwash.
- Bloomington is home to Indiana University, with over 47,000 students and 2,500 faculty members providing a consistent customer base for the tenants.
- Generating additional income of $3,720 through pylon signage rental to Big Red Liquors and Cloverleaf Restaurant.
- Cloverleaf underwent a recent remodel showing commitment by the tenant.
-Less than a mile from Ivy Tech Community College Bloomington Campus with over 6,500 students.