Press Releases
Marcus & Millichap Arranges the Sale of an Indiana Medical Office Building in Receivership
May 01, 2024
VALPARAISO, INDIANA, May 1, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the receivership sale of 1425 Glendale Ave., a 43,450-square foot medical office property located in Valparaiso, Indiana, according to Josh Caruana, regional manager of the firm’s Indianapolis office.
Julia Evinger of the Evinger Group in Marcus & Millichap’s Indianapolis office had the exclusive listing to market the property on behalf of the court appointed Receiver. The building was completed approximately 75 percent to grey shell. “Litigation with a neighboring owner tied up the property in the legal system for an extended period, also during which time interest rates climbed 525bps driving rates for construction loans up significantly. The complexity of the deal along with the difficult capital markets environment severely narrowed the buyer pool”, said Evinger. Nevertheless, multiple offers were received from the private market, avoiding an auction, achieving a closing price acceptable to the eleven claimants, Judge, and the Receiver.
The new owner plans to complete and lease the building to multiple medical office tenants.
Julia Evinger of the Evinger Group in Marcus & Millichap’s Indianapolis office had the exclusive listing to market the property on behalf of the court appointed Receiver. The building was completed approximately 75 percent to grey shell. “Litigation with a neighboring owner tied up the property in the legal system for an extended period, also during which time interest rates climbed 525bps driving rates for construction loans up significantly. The complexity of the deal along with the difficult capital markets environment severely narrowed the buyer pool”, said Evinger. Nevertheless, multiple offers were received from the private market, avoiding an auction, achieving a closing price acceptable to the eleven claimants, Judge, and the Receiver.
The new owner plans to complete and lease the building to multiple medical office tenants.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
