- Date Acquired: December 2018
- Location: Indianapolis, IN
- Asset Type: Vacant Former Grocery Store
- Post Acquisition Strategy: Self-Storage Conversion and Re-plat
About this Property
In December 2018, Larkspur acquired a 60,000 square foot former Marsh Supermarket in Indianapolis, IN, The building had been vacant for over two years but was well located on a main traffic corridor with excellent connectivity to I-70 and I-465.
Larkspur’s initial plan called for a sub-division of the 9-acre property into three parcels with a main storage parcel and two outlot parcels. The plan required a full re-zone of the property from “C-4” designation to a specialized C-7 designation to allow for the mixed-use concept. Despite gaining support for the plan from the city planning staff and obtaining approval from the Indianapolis Zoning Administrator, Larkspur’s plan was defeated on appeal to the Metropolitan Development Commission on a 4-3 vote. Larkspur quickly pivoted to its alternate scenario of re-listing the property and sold the project to Palmer Truck, a long-time Indianapolis based truck parts and service company.