Marcus & Millichap brokered the sale of a drive-thru Dunkin’-anchored retail center, a 17,539-square-foot retail property in Granger, Indiana.
The asset sold for full asking price, at $2.9 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 seller, Cloverleaf Real Estate Group, an investment real estate fund headquartered in Northbrook, Illinois.
The buyer, a LaPorte, Indiana-based private investor, was also secured and represented by Kiven. Josh Caruana, Indiana Broker of Record, assisted in closing this transaction.
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.
This retail center is located at 12980 IN-23 in Granger, Indiana, just outside South Bend. The property is shadow-anchored by a Martin’s Grocery Store, the dominant grocer in the region.
Shortly before marketing the asset, ownership executed a new long-term lease with a multi-unit Dunkin’ franchisee, taking an endcap unit equipped with a drive-thru that had formerly been occupied by a local credit union.
After hitting the market in the fall of 2022, amidst peak uncertainty about the future direction of interest rates and overall market volatility, Kiven procured several list price offers within the first week of marketing. The transaction closed roughly 70 days after going under contract.
