Press Releases
Marcus & Millichap Arranges Sale of Three Retail Centers in Indiana
February 06, 2025
INDIANA, Feb. 10, 2025 – 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 three retail centers in Indiana. The properties collectively sold for $5.41 million.
“There is exceptionally strong demand from national investors to purchase multi-tenant, retail centers today,” said Jordan Klink, senior vice president. “The ultimate sales price of these properties exceeded the seller’s reserve pricing by a considerable margin.”
Klink, senior vice president and shopping center specialist in Marcus & Millichap’s Indianapolis office, and Mike Banwell, vice president with Marcus & Millichap’s Auction Services in the Orange County office, exclusively marketed the properties on behalf of the seller. The team implemented a comprehensive national marketing and auction campaign to attract investor interest.
“All three assets received strong attention throughout our marketing campaign,” said Banwell. “We had a total of 396 Confidentiality Agreements signed from interested parties across the country, which resulted in 104 registered bidders set to compete on Auction Day. These were 3 properties within a 14-property portfolio of Multi-Tenant Retail assets that we successfully executed for the client.”
The properties sold include Northfield Plaza, location at 2733 Emerson Drive in Elkhart, which sold for $1,605,000; Kendallville Plaza, located at 2513 E. North St. In Kendallville, which sold for $905,000; and Michigan Road Shops, located at 8350 Michigan Road in Indianapolis, which sold for $2,900,000.
“There is exceptionally strong demand from national investors to purchase multi-tenant, retail centers today,” said Jordan Klink, senior vice president. “The ultimate sales price of these properties exceeded the seller’s reserve pricing by a considerable margin.”
Klink, senior vice president and shopping center specialist in Marcus & Millichap’s Indianapolis office, and Mike Banwell, vice president with Marcus & Millichap’s Auction Services in the Orange County office, exclusively marketed the properties on behalf of the seller. The team implemented a comprehensive national marketing and auction campaign to attract investor interest.
“All three assets received strong attention throughout our marketing campaign,” said Banwell. “We had a total of 396 Confidentiality Agreements signed from interested parties across the country, which resulted in 104 registered bidders set to compete on Auction Day. These were 3 properties within a 14-property portfolio of Multi-Tenant Retail assets that we successfully executed for the client.”
The properties sold include Northfield Plaza, location at 2733 Emerson Drive in Elkhart, which sold for $1,605,000; Kendallville Plaza, located at 2513 E. North St. In Kendallville, which sold for $905,000; and Michigan Road Shops, located at 8350 Michigan Road in Indianapolis, which sold for $2,900,000.
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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.
