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Shopping Neighborhood

Prime Valparaiso Retail Redevelopment

2801 Calumet Ave, Valparaiso, IN 46383

Listing Price: Request For Offer

Gross SF
25,664
Rentable SF
25,664
Lot Size
37.70 acres
Year Built
2008

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in Cumberland Crossing, a prime retail redevelopment opportunity strategically located in the heart of affluent Valparaiso, Indiana. Cumberland Crossing is a 37.7-acre retail site consisting of 5 single tenant net-leased properties including: a Burger King, Dairy Queen, Long John Silvers, Pesto’s Restaurant and a YMCA community gym building operating on a 100 year lease with just under 84 years of term remaining. The opportunity also includes a newer construction Class A multi-tenant “med-tail” shopping center with 84% occupancy and significant value-add potential; and a 10+ acre tract of well-sited retail land that would be perfect for larger format retail uses such as a high-end grocer or a hospital group seeking proximity to the existing healthcare infrastructure to which this part of Northwest Indiana is home. There is abundant in-place cash flow from the existing retail assets on site which should help cover some of the risks associated with ground up development. As this property is being sold as a package, various outparcels or individual components could be sold on a one-off basis to book incremental profits as a new owner creates value by developing the vacant land. Valparaiso is a college town, home to Valparaiso University and enjoys the abundant amenities of a postcard perfect midwestern college town. The population is projected to grow steadily at a rate of 2.5% over the next 5 years and average household incomes exceed $100,000 annually. The city is in the Chicago MSA and is located within close proximity to the Indiana Toll Road (I-80 / I-90), I-65 and I-94. As a result of this strategic positioning, the city has long been a transportation hub for the region. This assemblage of properties in Valparaiso has never been marketed previously and this is a rare opportunity to achieve immediate scale in one of the best locations in Northwest Indiana. There are several ways to achieve above market returns here by unlocking the value of this inherently desirable real estate.

Investment Highlights

  • Rare opportunity to acquire a large retail assemblage in one of the best submarkets in Northwest Indiana
  • Several ways to add value — individual dispositions of single tenant net leased properties, value-add lease-up of the multi-tenant "med-tail" center, and ground up development in a market with strong
  • Cash-flowing redevelopment opportunity | Covers risk and downside while a new owner unlocks value
  • Includes a newer construction +70,000 YMCA operating on a 100-year lease at a deeply discounted price per sf
  • Valparaiso is an affluent college town, as well as a regional transportation hub, positioned within close proximity to the Indiana Toll Road (I-80 / I-90), I-65 and I-94

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Financing By

Shopping Neighborhood

Prime Valparaiso Retail Redevelopment

Listing Price: Request For Offer

Gross SF
25,664
Rentable SF
25,664
Lot Size
37.70 acres
Year Built
2008

Investment Highlights

  • Rare opportunity to acquire a large retail assemblage in one of the best submarkets in Northwest Indiana
  • Several ways to add value — individual dispositions of single tenant net leased properties, value-add lease-up of the multi-tenant "med-tail" center, and ground up development in a market with strong
  • Cash-flowing redevelopment opportunity | Covers risk and downside while a new owner unlocks value
  • Includes a newer construction +70,000 YMCA operating on a 100-year lease at a deeply discounted price per sf
  • Valparaiso is an affluent college town, as well as a regional transportation hub, positioned within close proximity to the Indiana Toll Road (I-80 / I-90), I-65 and I-94

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in Cumberland Crossing, a prime retail redevelopment opportunity strategically located in the heart of affluent Valparaiso, Indiana. Cumberland Crossing is a 37.7-acre retail site consisting of 5 single tenant net-leased properties including: a Burger King, Dairy Queen, Long John Silvers, Pesto’s Restaurant and a YMCA community gym building operating on a 100 year lease with just under 84 years of term remaining. The opportunity also includes a newer construction Class A multi-tenant “med-tail” shopping center with 84% occupancy and significant value-add potential; and a 10+ acre tract of well-sited retail land that would be perfect for larger format retail uses such as a high-end grocer or a hospital group seeking proximity to the existing healthcare infrastructure to which this part of Northwest Indiana is home. There is abundant in-place cash flow from the existing retail assets on site which should help cover some of the risks associated with ground up development. As this property is being sold as a package, various outparcels or individual components could be sold on a one-off basis to book incremental profits as a new owner creates value by developing the vacant land. Valparaiso is a college town, home to Valparaiso University and enjoys the abundant amenities of a postcard perfect midwestern college town. The population is projected to grow steadily at a rate of 2.5% over the next 5 years and average household incomes exceed $100,000 annually. The city is in the Chicago MSA and is located within close proximity to the Indiana Toll Road (I-80 / I-90), I-65 and I-94. As a result of this strategic positioning, the city has long been a transportation hub for the region. This assemblage of properties in Valparaiso has never been marketed previously and this is a rare opportunity to achieve immediate scale in one of the best locations in Northwest Indiana. There are several ways to achieve above market returns here by unlocking the value of this inherently desirable real estate.

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s): IN: RB14034355

    Indiana

Financing By

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