Citimark Buys Massive hhgregg Headquarters Campus in Indianapolis, Plans Redevelopment

by Jeff Shaw

INDIANAPOLIS — Citimark has acquired the former headquarters of hhgregg Inc. and announced plans to redevelop the 27-acre property on the far north side of Indianapolis. Citimark hasn’t unveiled full plans yet, but says it is considering single or multi-tenant flex, industrial and last-mile uses while preserving the flexibility for some retail out-lots.

Appliance, electronics and furniture retailer hhgregg declared bankruptcy and liquidated all its assets in 2017, including closing its 220 stores and laying off more than 5,000 workers. The 400,000-square-foot headquarters, which featured office, industrial and showroom buildings, has sat vacant since then.

The property’s unique shell design, with an open-air courtyard that can accommodate 200 cars, may have slowed the sale process. In January of 2019, national car dealer Napleton Auto Group kicked the tires on the property as a potential Kia dealership, before backing out later in the month, according to the Indiana Business Journal. Local contractor Deem LLC considered purchasing the property, but pulled out of the deal in November 2020, reported the Journal.

Ultimately, Citimark emerged as the buyer in late December, paying $14 million for the asset.

Alex Cantu with Colliers Indianapolis assisted Citimark with the purchase. Colliers Indianapolis brokers Jimmy Cohoat and Brian Zurawski will market the redevelopment project for Citimark.

Based in Indianapolis, Citimark has acquired, developed, managed and leased over 20 million square feet of industrial, office and mixed-use properties since its founding in 1982.

— Jeff Shaw

You may also like