New Construction Med-Tail Property Trades in Northwest Indiana

Marcus & Millichap recently closed the sale of a 7,344-square-foot new construction med-tail center located in Valparaiso, IN. The asset sold for $2,562,500. 

Mitchell Kiven, first VP in Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of the original developer. He also secured and represented the buyer, a well-known retailer and real estate investor based in Northwest Indiana.   

Acquisition financing was obtained by Dean Giannakopoulos, senior managing director, Marcus & Millichap Capital Corporation; and Frank Montalto, managing director, IPA Capital Markets. Josh Caruana, Indiana broker of record, assisted in closing this transaction.  

The med-tail center is located at 4400 Calumet Ave. in Valparaiso.  The property features long-term leases to two medical tenants: a dentist and an ophthalmology practice with eight other locations. 

“These kinds of small, well-constructed retail buildings with medical tenants are particularly attractive in the current marketplace,” Kiven said. “You get all the benefits of retail properties – high visibility, beneficial traffic flows, combined with the stability that medical tenants provide a rent roll.”