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Office

Leighton Plaza

130 S Main St, South Bend, IN 46601

Listing Price: $8,000,000

Cap Rate
8.79%
Gross SF
63,380
Rentable SF
63,380
Price/Gross SF
$126.22
Lot Size
2.20 acres
Year Built
1999

Investment Overview

Marcus & Millichap is pleased to present to market, available for acquisition Leighton Plaza, a 63,830 square-foot, Class B, multi-tenant professional office building in South Bend, Indiana. Located off of Main Street, the Subject Property is ideally situated in the heart of downtown South Bend, which is Indiana’s 4th largest city, with a population of 103,453 residents. South Bend boasts excellent economic fundamentals as a submarket focused on growth in the Education, Health Care, Professional Office, and Industrial sectors. The South Bend market is strategically centrally located within between the major metros of Chicago, Illinois, Indianapolis, Indiana, Detroit, Michigan, and Cincinnati, Ohio. Leighton Plaza is 63,830 square-feet across four stories in the Central Business District of South Bend just off of the St. Joseph River. The Subject Property operates at historically high occupancy rates, while currently positioned at 95 percent occupancy, and housing a diversified tenant-mix with an attractive rent roll schedule while over 63 percent of the Net Leasable Area is home to Tenants whom have held occupancy since 2015 or prior. Leighton Plaza has been anchored by Old National Bank since construction in 1999 across 17 percent of the Net Leasable Area, and have recorded stead 16 percent year-over-year growth in deposits since 2016, for a 67 percent growth in Deposits on the five-year. They are joined in the Subject Property by co-anchors, Jones Obenchain, a prominent local law-firm, in 16.89 percent of the NLA through December 2031. Featuring a diversified tenant-mix across a long-standing tenant base with excellent anchors in a solidified Midwest professional office market and strong real estate fundaments, Leighton Plaza is an excellent investment opportunity for all investors. The Subject Property is offered to market asking $8 million, which is reflective of an 8.79 percent CAP Rate on the actual financials and a day-one, 14.29 percent cash-on-cash return based on the active financing quotes available in the market place.

Investment Highlights

  • 68,830 Square-Foot, Class B Professional Office Center | South Bend, Indiana | State's 4th Largest City
  • South Bend Centrally Located to service Major Midwest MSAs | Chicago, Detroit, Indianapolis and Cincinnati
  • Offered Below Replacement Cost at $125 per Square-Foot | 14.29 Percent Cash-On-Cash Return
  • Strategically Positioned along Main Street in the Heart of the Central Business District

Exclusively Listed By

Office

Leighton Plaza

Listing Price: $8,000,000

Cap Rate
8.79%
Gross SF
63,380
Rentable SF
63,380
Price/Gross SF
$126.22
Lot Size
2.20 acres
Year Built
1999

Investment Highlights

  • 68,830 Square-Foot, Class B Professional Office Center | South Bend, Indiana | State's 4th Largest City
  • South Bend Centrally Located to service Major Midwest MSAs | Chicago, Detroit, Indianapolis and Cincinnati
  • Offered Below Replacement Cost at $125 per Square-Foot | 14.29 Percent Cash-On-Cash Return
  • Strategically Positioned along Main Street in the Heart of the Central Business District

Investment Overview

Marcus & Millichap is pleased to present to market, available for acquisition Leighton Plaza, a 63,830 square-foot, Class B, multi-tenant professional office building in South Bend, Indiana. Located off of Main Street, the Subject Property is ideally situated in the heart of downtown South Bend, which is Indiana’s 4th largest city, with a population of 103,453 residents. South Bend boasts excellent economic fundamentals as a submarket focused on growth in the Education, Health Care, Professional Office, and Industrial sectors. The South Bend market is strategically centrally located within between the major metros of Chicago, Illinois, Indianapolis, Indiana, Detroit, Michigan, and Cincinnati, Ohio. Leighton Plaza is 63,830 square-feet across four stories in the Central Business District of South Bend just off of the St. Joseph River. The Subject Property operates at historically high occupancy rates, while currently positioned at 95 percent occupancy, and housing a diversified tenant-mix with an attractive rent roll schedule while over 63 percent of the Net Leasable Area is home to Tenants whom have held occupancy since 2015 or prior. Leighton Plaza has been anchored by Old National Bank since construction in 1999 across 17 percent of the Net Leasable Area, and have recorded stead 16 percent year-over-year growth in deposits since 2016, for a 67 percent growth in Deposits on the five-year. They are joined in the Subject Property by co-anchors, Jones Obenchain, a prominent local law-firm, in 16.89 percent of the NLA through December 2031. Featuring a diversified tenant-mix across a long-standing tenant base with excellent anchors in a solidified Midwest professional office market and strong real estate fundaments, Leighton Plaza is an excellent investment opportunity for all investors. The Subject Property is offered to market asking $8 million, which is reflective of an 8.79 percent CAP Rate on the actual financials and a day-one, 14.29 percent cash-on-cash return based on the active financing quotes available in the market place.

Exclusively Listed By

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