Chicago & Midwest + Midwest + Retail | July 13, 2022

Marcus & Millichap arranged the sale of a multi-tenant shopping center in Chesterton, Indiana for more than the asking price

Marcus & Millichap Closes Sale of Indiana Retail Above List Price

Marcus & Millichap arranged the sale of 600 Gateway Blvd., a 12,400-square-foot new construction retail property leased to several popular local restaurants in Chesterton, IN. The asset sold for $4,275,000, above the asking price.

Mitchell Kiven, an investment specialist in Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of the seller, a seasoned developer with a track record of building properties across the country.

The buyer, a Georgia-based limited liability company, was secured and represented by Damien Yoder and Madison K. Harman, investment specialists in Marcus & Millichap’s Indianapolis office. Josh Caruana, Indiana broker of record, assisted in closing this transaction.

600 Gateway Blvd. is located just off the I-80 tollway exit in Chesterton, between Chicago and South Bend, IN. Although this pocket of Chesterton is not a traditional retail location, it’s growing rapidly, with several new medical complexes and retail buildings in the area.

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Marcus & Millichap's KivenMarcus & Millichap's Yoder

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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