Marcus & Millichap closed the sale of Starbucks-anchored new development in Hammond, Indiana, a multi-tenant retail property located that sold for $2.56 million.
Sean Sharko and Austin Weisenbeck, 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. Josh Caruana assisted in closing this transaction.
The development is located at 7843 Indianapolis Blvd. in Hammond. Recently constructed in 2016, this center is now fully occupied with three nationally branded tenants, Starbucks, Sport Clips and JJ Fish & Chips. All three tenants are operating under net leases that do not expire until 2026. Two tenants have the ability to renew for a total of 10 years, with the center’s anchor, Starbucks, having options that would extend the lease through 2046.