Marcus and Millichap Brokers Hammond Multi-Tenant Retail Center

Marcus and Millichap has brokered the $8 million sale of a 55,010-square-foot retail center located in the Hammond Marina District at 1105 5th Ave., in Hammond, Ind., according to Joe Powers, regional manager of the firm’s Chicago Downtown office.

The property is anchored by Dollar Tree and Ross Dress for Less.

Nicholas Kanich and Mitchell Kiven, first vice presidents of investments in the firm’s Chicago Downtown office, represented the seller, Luke Brands. The purchaser, Canyon Park Capital, was represented by Friedman Real Estate.

“While COVID-19 has contributed to market uncertainty, this sale underscores the appeal of centers anchored by discount stores, which have performed well during the pandemic,” said Kanich. “Our aggressive marketing approach drove unusually high interest in this property, which garnered 14 offers. In the end, we were able to deliver on the seller’s pricing expectations so that they could redeploy their equity into new projects.”