Marcus & Millichap arranged the sale of a drive through Dunkin’-anchored retail centre, a 17,539 square-foot retail property, in Granger, Indiana. The asking price was $2.9 million.
Mitchell Kiven, the first vice president and investment specialist in Marcus & Millichap’s Chicago Downtown office, was granted the exclusive listing to sell the property for Cloverleaf Real Estate Group. This investment real estate group is headquartered in Northbrook.
Kiven represented and secured the buyer, a LaPorte-based private investor. This transaction was assisted by Josh Caruana (Indian Broker of Record).
Dean Giannakopoulos (senior managing director, Marcus & Millichap Capital Corporation) and Frank Montalto (managing director, IPA Capital Markets) arranged financing on behalf of the buyer.
This retail center is located in Granger, Indiana at 12980 IN 23. It is just outside of South Bend. Martin’s Grocery Store is the dominant grocer in this area.
Ownership executed a long-term lease shortly before marketing the asset. This included an endcap unit with a drive-thru and a multi-unit Dunkin’ franchisee.
Kiven made several list price offers in the first week of marketing after hitting the market in fall 2022 amid high market uncertainty and uncertainty about the future direction for interest rates. The transaction was completed in 70 days.