Marcus & Millichap has closed the sale of a net-leased Burger King location in Valparaiso, Indiana. The property sold for $1.6 million. “We received multiple offers and ultimately closed with a Chicagoland property group,” said Nicholas Kanich, first vice president of investments. “The buyer appreciated both the location and the long-term tenancy of the country’s second-largest restaurant franchisee.”

Kanich and Mitchell Kiven, investment specialists in Marcus & Millichap’s Chicago downtown office, had the exclusive listing to market the property on behalf of an Indiana retail property developer and manager. The duo also procured the buyer, an Illinois real estate development and management company. Josh Caruana, Broker of Record in Indiana, assisted in the transaction.

The 3,320-square-foot property is located at 2921 Calumet Avenue. Burger King has operated at this location since 2008 with current options for lease renewal. The asset is in a strong retail center with nearby retailers, including Starbucks, Dairy Queen, Subway and Dollar General.