The Meadows shopping center is under new ownership.
HJH Investments Inc., a commercial real estate syndication firm headquartered in Wichita, Kan., purchased the shopping center on April 20 as HJH Terre Haute Poplar LLC.
“The Meadows is a Terre Haute staple, and we intend to continue that legacy as the center evolves,” said Cory Harkleroad, CEO of HJH Investments. “We love to invest in projects with a turnaround story and communities in the Midwest with great core values like Terre Haute.” The Meadows is Terre Haute’s first shopping center developed in the mid 1950s through Hulman & Co. In 2017, a group of five families formed Meadows Development of Terre Haute LLC and purchased the shopping center from Terre Haute Realty Corp., a subsidiary of Hulman & Co.
The family group included Polly Bryan, Ace Blind & Drapery; Steve Heck, Complete Outdoor; Linc Hobbs CPA, Hobbs & Co.; Ray Sumner, SMC Inc.; and Mark Zimmerly, Zimmerly Development, Inc.
The group bought The Meadows for $1.485 million in 2017. HJH Investments purchased the shopping center for $4,673,762, according to county records. The property was on the market for less than 60 days.
Four members of the Meadows Development remain as partners in HJH Investments, Zimmerly said Tuesday. Heck is no longer an investor.
“We decided it was a good time to move on with part of the business and let someone else step in that did this professionally,” Zimmerly said.
“All five of us [in Meadows Development] had our own jobs and own businesses. This gives the center an opportunity to be managed by someone who does this for a living and is able to take it farther,” Zimmerly said. “We are still shareholders in the organization and HJH Investments has bought a bigger share that what we own.
“We decided it would be better for The Meadows to have someone who is larger and is able to maintain more growth. We were looking to expand, not only the Stein Mart space and the former Kroger lot, and this company has the wherewithal to do that,” Zimmerly said.
Harkleroad said the “previous ownership group has a special connection to the area, which adds tremendous value and vitality to the center. We look forward to working with them and continuing their efforts to revitalize The Meadows,” Harkleroad said.
The Meadows opened in 1956 as an open-air shopping center and was enclosed in a 1982/1983 renovation. A movie theater was added in 1970. The theater closed in 2014.
Harkleroad said HJH Investments has “plans for the theater, but are not able to disclose them at this time. Stay tuned,” he said.
The Meadows had been anchored by Stein Mart, but that company closed in late October 2020, after filing Chapter 11 bankruptcy. That retail space in 2021 was split into two parts, with Ace Hardware occupying one area and the remaining space converted into specialty store fronts.
Harkleroad said the shopping center is experiencing excellent momentum with the recent remodel to attract new tenants. Ace Hardware (owned by TGP Operations II, Inc.) recently joined the store roster, complementing long-term tenants Dollar General, First Financial Bank, MCL Restaurant & Bakery, and several local and regional merchants.
HJH Investments, with a real estate portfolio in excess of $400 million, also owns Indiana properties in Anderson, Mishawaka, Indianapolis, Avon, Bedford, Rockville and Lafayette. To date, HJH has acquired 70 properties and has more than 40 properties under its management, primarily in Midwestern and Southeastern states.
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