Greenfield, Indiana – Some Indiana residents might recall Marsh supermarkets. At the time of its sale in 2006, the supermarket chain had 116 locations open. While some homes have undergone renovations, others have been abandoned for a long time.
“Sun Capitol bought them, and that was the beginning of the end for Marsh Supermarkets as we know it,” said Keith Stark, founder, and CEO of Consortium CRE.
In 2007 there were only 44 stores left after the sale. 28 of them were bought by Needlers and Kroger, while the remaining 16 were distributed to various investors and developers.
“For the most part, everyone wants to get these properties repurposed as quickly as possible,” said Bill French, executive director at Cushman & Wakefield. “It’s tough sometimes to find the right tenant.”
A few factors, according to developers, must be taken into account when choosing which Marsh properties should be put to new use.
“It really just depends upon building you’re dealing with, the market it’s in and those attributes or characteristics,” Stark said.
In Carmel, Academy Sports and Outdoors will take over the site of the old Marsh along East Greyhound Pass. Traders Point Christian Church purchased the property at Keystone and 62nd in Indianapolis, and a Chase Bank was built in front of it. An Ace Hardware Store will open in one of the two halves of the former Marsh location in Greenfield next month.
According to Stark, there are a number of reasons why developers choose to renovate existing buildings as opposed to building new ones.
“Rising interest rates, rising land costs and construction costs are through the roof,” Stark said. “They’re up 30, 40, 50 percent.”
The remaining retail sites have been transformed in more than half. HMD Motorsport Company will occupy the former Marsh location, according to recent news from Brownsburg.
There will be more repurposing, according to French. “I think we’re going to see within the city or general metro, only two or three will be vacant by the end of the year,” French said. “The rest will be sold.”
