Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it brokered the $8 million sale of a 55,010-square-foot retail center located in the Hammond Marina District at 1105 5th Ave., in Hammond, Ind., according to Joe Powers, regional manager of the firm’s Chicago Downtown office. The property is anchored by Dollar Tree and Ross Dress for Less.
Nicholas Kanich and Mitchell Kiven, first vice presidents of investments in the firm’s Chicago Downtown office, represented the seller, Luke Brands. The purchaser, Canyon Park Capital, was represented by Friedman Real Estate.
“While COVID-19 has contributed to market uncertainty, this sale underscores the appeal of centers anchored by discount stores, which have performed well during the pandemic,” said Kanich. “Our aggressive marketing approach drove unusually high interest in this property, which garnered 14 offers. In the end, we were able to deliver on the seller’s pricing expectations so that they could redeploy their equity into new projects.”
Constructed in 2016, the retail center is well-located, adjacent to a Walmart Supercenter, less than a mile from Horseshoe Hammond Casino and minutes from the Chicago Skyway. The four-store retail center was fully occupied at the time of sale, with additional tenants including Rainbow and Sadoni Beauty Supply.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
