Marcus & Millichap closed the sale of 3029 Calumet Drive, a three-tenant retail outparcel in Valparaiso, Indiana. The property sold for $1.7 million.
Kiven and Nicholas Kanich, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an Indiana retail-property developer and manager, and procured the buyer, an Illinois real estate development and management company. Josh Caruana, Broker of Record in Indiana, assisted in closing the transaction.
Built in 2008, the asset is located within the YMCA shadow anchored Cumberland Crossing Retail Center. Other retailers within the center include Starbucks, Burger King and Dairy Queen. The 7,541-square-foot outparcel is currently leased to Salon Lofts, Venus Nails and an Indiana Farm Bureau Insurance Agency.
