Press Releases
Marcus & Millichap Arranges Sale of 16,000-Square-Foot Industrial Property in Indiana
September 18, 2024
MUNSTER, Ind., Sept. 18, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 570 Progress Ave., a 16,000-square-foot industrial warehouse property located in Munster, Indiana. The property sold for $2,275,000.
“We successfully facilitated this transaction, moving from listing to under contract in just 21 days and closing at 95 percent of our pricing guidance,” said Clayton Isacson, associate. “This transaction demonstrates the strong demand for industrial assets in the Chicagoland area, with an out-of-market investor capitalizing on the opportunity to expand their market share. The three-month leaseback agreement negotiated during escrow provided the seller with adequate time to liquidate their equipment, ensuring a smooth transition for both parties.”
Isacson, Tyler Sharp and Adam Abushagur, investment specialists in Marcus & Millichap’s Chicago Downtown and Austin offices, had the exclusive listing to market the property on behalf of the seller, American Machine Works, Inc. Josh Caruana, Broker of Record in Indiana, assisted in closing the transaction.
The property consists of approximately 16,000 square feet of warehouse space on 1.03 acres of land. This vacant single-tenant asset is equipped with two five-ton cranes, 24’ clear height, three drive-ins and one dock-high door. Built in 2014, the property is situated one block from Calumet Avenue and three miles from Interstate 94.
“We successfully facilitated this transaction, moving from listing to under contract in just 21 days and closing at 95 percent of our pricing guidance,” said Clayton Isacson, associate. “This transaction demonstrates the strong demand for industrial assets in the Chicagoland area, with an out-of-market investor capitalizing on the opportunity to expand their market share. The three-month leaseback agreement negotiated during escrow provided the seller with adequate time to liquidate their equipment, ensuring a smooth transition for both parties.”
Isacson, Tyler Sharp and Adam Abushagur, investment specialists in Marcus & Millichap’s Chicago Downtown and Austin offices, had the exclusive listing to market the property on behalf of the seller, American Machine Works, Inc. Josh Caruana, Broker of Record in Indiana, assisted in closing the transaction.
The property consists of approximately 16,000 square feet of warehouse space on 1.03 acres of land. This vacant single-tenant asset is equipped with two five-ton cranes, 24’ clear height, three drive-ins and one dock-high door. Built in 2014, the property is situated one block from Calumet Avenue and three miles from Interstate 94.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
