Marcus & Millichap negotiated the sale of a 7,344-square-foot new construction med-tail center, an office property in Valparaiso, Indiana. The asset sold for $2.562 million.
Mitchell Kiven, first vice president and an investment specialist in Marcus & Millichap’s Chicago downtown office, had the exclusive listing to market the property on behalf of the original developer. The buyer, a well-known retailer and real estate investor based in Northwest Indiana, was also secured and represented by Kiven.
Financing was obtained on behalf of the buyer by Dean Giannakopoulos, senior managing director, Marcus & Millichap Capital Corporation; and Frank Montalto, managing director, IPA Capital Markets. Josh Caruana, Indiana Broker of Record, assisted in closing this transaction.
The med-tail center is located at 4400 Calumet Ave. in Valparaiso. The property features long-term leases to two medical tenants, a dentist and an ophthalmology practice with eight other locations.
Despite rapidly increasing rates, Kiven was able to generate multiple offers and close at better than 98% of asking price.
