Marcus & Millichap closed the sale of a 29,335-square-foot retail property in Merrillville, Indiana. The asset sold for $2.75 million.
Senior Managing Directors Austin Weisenbeck and Sean Sharko and First Vice President Adrian Mendoza, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
After procuring six written offers from investors across the country, the property was sold to a Chicago-based, non-1031 exchange buyer, who was also secured and represented by Mendoza, Weisenbeck and Sharko. The team managed a complex escrow involving several easement agreement hurdles.
Josh Caruana, Regional Manager, Broker of Record of Indiana, assisted in closing this transaction.
The 93%-leased center shadow-anchored by Home Depot and Target is in the epicenter of a retail corridor, located at 2871 E 81st Avenue in Merrillville, Indiana. The Target store recorded 1.4 million visits in the last 12 months and the Home Depot store is the fifth most visited Home Depot in Indiana according to placer.ai.
Furthermore, the property’s proximity to the Southlake Mall, a super-regional mall, is a significant advantage, as well as being just one mile from the Interstate 65 interchange, with an impressive traffic flow of 102,870 vehicles per day.
