“Med-Tail” Center in Hammond, IN Trades to 1031 Buyer
Marcus & Millichap arranged the sale of a new construction “med-tail” center, a 14,158-square-foot retail property located in Hammond, IN. The asset sold for $4,600,000.
First VPs Mitchell Kiven and Nicholas Kanich, based in Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of the seller, a developer based in Hobart, IN. Josh Caruana, Indiana Broker of Record, assisted in closing this transaction.
The retail property is located at 1001 5th Avenue in Hammond, within a half mile of the Horseshoe Hammond Casino. Built in 2017 and anchored by American Renal Associates, this retail center is also shadow anchored by a high-performing Walmart Supercenter with visibility from the Chicago Skyway.
This was the fifth multi-tenant retail property Kiven and Kanich sold for this seller within the past 12 months. After procuring a number of offers, Kiven and Kanich advised the seller to award the property to a 1031 buyer.