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M&M Brokers Sale of Multi-Tenant Retail Property in Chicago MSA
A three-tenant retail outparcel located in Valparaiso, Indiana, has sold for $1.7 million. Located at 3029 Calumet Drive, the asset is located within the YMCA shadow-anchored Cumberland Crossing Retail Center.
“We were able to close at 97.5 percent of the listing price,” said Mitchell Kiven, first vice president investments. “In addition to a fantastic location, this Class A asset has three long-term service-oriented tenants that have all occupied this building for over 10 years.”
Kiven and Nicholas Kanich, investment specialists in Marcus & Millichap’s Chicago downtown office, had the exclusive listing to market the property on behalf of the seller, an Indiana retail property developer and manager, and procured the buyer, an Illinois real estate development and management company. Josh Caruana, Broker of Record in Indiana, assisted in closing the transaction.
Built in 2008, the 7,541-square-foot outparcel is currently leased to Salon Lofts, Venus Nails and an Indiana Farm Bureau Insurance Agency. Other retailers in the center include Starbucks, Burger King and Dairy Queen.
