The Challenge
Sherman Commons is a 78,590 SF multi-tenant retail complex on Indianapolis’s near east side. The property is configured across three buildings: a 56,750 SF anchor center containing the Save-A-Lot grocery store and a 40,750 SF vacant former anchor space, plus two small shop strip centers totaling 21,840 SF across nine tenants.
The challenge runs on two tracks. Track one: maintain occupancy on the property’s small-shop tenants against the 95% target ownership uses to underwrite the asset. Track two: source a credible replacement anchor tenant for the 40,750 SF vacancy that drives synergistic traffic to the smaller centers. The neighborhood is underserved by retail options, which raises the stakes — the wrong anchor lets the property coast at acceptable occupancy; the right anchor positions Sherman Commons as the retail center of the near east side.
The Approach
SRG took on landlord representation across all three buildings. The work runs on parallel tracks:
Track 1 — Maintaining the existing tenant base
Lease renewals tracked and negotiated ahead of expiration. Vacancy backfills started before existing tenants left, not after. The result: 100% occupancy held across the property’s nine small-shop tenants over the last 18 months — five full points above ownership’s 95% target.
Track 2 — Active marketing of the 40,750 SF anchor box
Targeted outreach to grocery operators, big-box retailers, and high-traffic anchor concepts that fit the neighborhood’s demographic profile. Standard channel placement (LoopNet, Crexi, CoStar) supplemented with direct broker outreach to active site selectors in retail.
Track 3 — Tenant mix strategy
Not just filling the box, filling it with a tenant that drives synergistic traffic. SRG’s operator perspective on the rest of the property — which tenants would benefit most from increased foot traffic, which use cases would conflict with existing tenants — informs every prospect conversation.
The Outcome
Engagement active and ongoing. SRG has maintained 100% occupancy across the property’s small-shop tenants for the last 18 months — five points above ownership’s 95% target. Anchor tenant marketing program in market for the 40,750 SF vacancy. Tenant prospects evaluated against demographic fit, financial strength, and the synergy they bring to Sherman Commons as a whole.
This case study will be updated when the anchor lease is signed.
Key Results
- 100% small-shop occupancy maintained for 18 months, exceeding ownership’s 95% target by five full points
- Multi-building landlord representation across 78,590 SF and three configurations
- Active anchor tenant search and negotiation underway for 40,750 SF box
- Existing tenant relationships strengthened through proactive renewal management
