Marcus & Millichap recently negotiated a sale of a Hammond, Indiana, “med-tail” center. It is a 14,158-square foot retail property. The asset was sold for $4.6million. Nicholas Kanich and Mitchell Kiven, first vice presidents of Marcus & Millichap’s Chicago Downtown offices, were the only ones to list the property on behalf the seller, a developer based out of Hobart, Indiana. This transaction was assisted by Josh Caruana (Indian Broker of Record).
The retail property can be found at 1001 5th Ave. Hammond, just a half-mile from Horseshoe Hammond Casino. This retail center was built in 2017 and is anchored American Renal Associates. It also features a Walmart Supercenter, which has visibility from the Chicago Skyway.
A little over 63% of the area is leased out to medical tenants. The remainder of the space is leased to traditional retailers.
This was the fifth multi-tenant retail property that Kiven and Kanich have successfully sold in the last 12 months.
After receiving a number offers, Kiven & Kanich advised the seller that the property be awarded to a 1031 buyer. After the contract was signed, the transaction was completed 55 days later.