Broad Reach Retail Partners Announces Sale of Covington Plaza in Fort Wayne, Indiana
Today we announced the sale of Covington Plaza, a 182,866-square-foot community shopping center in Fort Wayne, Indiana, to Ziff Real Estate Partners.
Located on West Jefferson Boulevard—the area’s busiest retail corridor—Covington Plaza is anchored by The Fresh Market, Office Depot, and Planet Fitness, and features a dynamic mix of national and local tenants.
“Broad Reach has done a tremendous job curating a desirable tenant mix, important to the surrounding neighborhoods. We look forward to taking the asset to the next level with aesthetic and physical improvements, encouraging patrons to linger longer and enjoy all that the center has to offer,” said Christian Chamblee, Partner of Ziff Real Estate Partners.
During our ownership over 10 years, we enhanced the property’s merchandising mix, stabilized tenancy, improved overall occupancy to 92%, and demonstrated our firm’s commitment to create value for partners, properties, and people through disciplined leasing and meticulous management.
“Our team’s focused approach positioned Covington Plaza for long-term success,” said Nate Tower, CEO & Founding Partner of Broad Reach Retail Partners. “This transaction highlights our ability to acquire, strengthen, and successfully transition necessity-based shopping centers.”
The sale of Covington Plaza underscores our commitment to navigate the future of retail real estate by investing in necessity-based, grocery-anchored shopping centers that serve as vital community hubs.