Marcus & Millichap sold a 9,327-square-foot new-construction retail strip center in Hammond, Indiana. After multiple offers, the asset sold to an Illinois-based 1031-exchange buyer for $4.725 million.
Austin Weisenbeck and Sean Sharko, senior vice presidents of investments in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller. Josh Caruana assisted in closing this transaction as the broker of record in Indiana.
The property is located at 7905 Indianapolis Blvd. and is anchored by corporately guaranteed AT&T. All tenants are operating under 10-year leases and have rental increases. Sharko and Weisenbeck also sold the Starbucks-anchored property across the street in December of 2017 for $2.56 million.