Marcus & Millichap closed the sale of a portfolio of two retail centers in Hammond, Indiana. The assets sold for a combined $1.91 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 retail centers on behalf of their Indiana-based client, the original developer of the properties.
Kiven and Kanich also procured the buyer, a private investor based in the southwest Chicago suburbs looking to expand a growing retail portfolio in northwest Indiana. Josh Caruana, Indiana Broker of Record, assisted in closing this transaction.
The two properties are located at 2739 169th St. and 902 Roby Drive, both in Hammond. 902 Roby Drive is a three-tenant retail center with a drive-thru, located on an out pad to a high-traffic Walmart near the Horseshoe Hammond Casino, and directly visible from the Interstate 90 Chicago Skyway. The other asset in the portfolio is located at the corner of 169th and Kennedy Avenue, near the Purdue University Hammond Campus.
Originally brought to the market separately, the properties generated significant interest from prospective buyers. Kiven and Kanich were able to procure multiple offers, ultimately executing the transaction as a portfolio sale and closing at a mid-6% CAP Rate.