Marcus & Millichap recently negotiated the sale of a new construction “med-tail” center, a 14,158-square-foot retail property in Hammond, Indiana. The asset sold for $4.6 million.
Mitchell Kiven and Nicholas Kanich, first vice presidents and investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a developer based in Hobart, Indiana. Josh Caruana, Indiana Broker of Record, assisted in closing this transaction.
The retail property is located at 1001 5th Ave. in Hammond, within a half-mile of the Horseshoe Hammond Casino. Built in 2017 and anchored by American Renal Associates, this retail center is also shadow anchored by a high-performing Walmart Supercenter with visibility from the Chicago Skyway.
About 63% of the leasable area is leased to medical tenants, with the balance of space leased to more traditional retailers.
This was the fifth multi-tenant retail property Kiven and Kanich successfully sold for this seller within the last 12 months.
After procuring a number of offers, Kiven and Kanich advised the seller to award the property to a 1031 buyer. The transaction closed 55 days after going under contract.