Marcus & Millichap closed the sale of a net-leased Five Below property in Hammond, Indiana. The property sold for $2,791,348. The asset is uniquely positioned between the Illinois-Indiana border and Lake Michigan, within 16 miles of downtown Chicago.  

“Several investors put in offers on this asset,” said Nicholas Kanich, first vice president of investments. “We were pleased to close this deal with a highly active REIT that felt this was a good fit for their acquisition strategy.” 

Kanich, the investment specialist in Marcus & Millichap’s Chicago 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, a Michigan-based REIT. Josh Caruana, Broker of Record in Indiana, assisted in closing the transaction. 

Located at 1035 Indianapolis Boulevard, the property is a brand-new 2024 construction Five Below with over 10 years remaining on the double-net lease. The 10,122-square-foot property is on a pad site to a Walmart Supercenter and Ross-anchored retail center.