Regency Properties Acquires Muncie Towne Plaza, a County Seat Community Retail Property;
Fully Leased, 173,773 SF Center Also Features a 1.15 Acre lot for Development
EVANSVILLE, IN (February 13, 2025)—Evansville, Ind.-based Regency Properties (Regency) , a retail property investment and management firm, has acquired Muncie Towne Plaza, a 173,773-square-foot shopping center located in Muncie, Indiana, approximately 50 miles northeast of Indianapolis. The acquisition underscores Regency’s acquisition philosophy as a “county seat” community retail property investor.
Muncie Towne Plaza, developed in 1997 and renovated in 2005, was fully leased to national tenants at the time of acquisition. Key tenants of the property include Kohl’s, 80,654 square feet; TJ Maxx, 29,352 square feet; Old Navy, 15,490 square feet; Ulta Beauty, 13,090 square feet; and Shoe Carnival, 11,964 square feet.
Muncie Towne Plaza is located on East Princeton Avenue, approximately one-half mile north of McGalliard Road, the primary thoroughfare in Muncie. The closest interstate access, I-69, is about 10 miles West of the center. Muncieis the county seat for Delaware County, Indiana. The center’s trade area population is 198,132 and the population of Muncie is 65,072. Muncie is home to Ball State University. The closest major metropolitan area is Indianapolis.
“Muncie Towne Plaza is an ideal addition to our portfolio, representing a well-positioned property with upside potential,” said Chris Folz, Chief Investment Officer at Regency Properties. “This acquisition underscores our commitment to investing in and contributing to County-Seat communities.”
Regency specializes in the acquisition, ownership and management of county seat community commercial properties. County seat communities are defined as towns that typically serve as the hub for business, local government, recreation, and shopping for a surrounding rural area.
Regency’s business plan is to maintain the high occupancy levels the center historically has achieved and focus on keeping and attracting a great tenant mix of both national retailers and local businesses too.
The property includes a 1.15-acre undeveloped land site immediately adjacent to Old Navy. Regency’s intention is to develop the parcel following consideration on what represents the greatest opportunity: a single- or multi-tenant user space. According to Regency, the site can accommodate a 50,000-square-foot development.
Upon acquisition, Regency Properties will develop a property-specific business and operational plan. As part of that plan, Regency’s property management team will be meeting individually with Muncie Towne Plaza’s tenants and existing vendors. Additionally, Regency personnel will meet with Muncie’s Mayor and other elected officials to reinforce their commitment to being an active contributor to the community.
For more information about Regency Properties and county seat retail, visit Regency’s website and/or watch the Viewpoints video.
