Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in an 11,850 square foot retail center located in Northwest Indiana, within the Chicago MSA. The property is fully occupied with all tenants paying replaceable and, in most cases, below market rent. Grand Foods, the anchor tenant, recently extended their lease for five years and increased their base rent from $6 per square foot to $10 per square foot – with strong annual increases. The tenants also do not currently have the benefit of option periods, which provides a new owner with additional flexibility. All tenants operate on true NNN leases, reimbursing for their pro rata share of Real Estate Taxes, CAM, Insurance, Management and Administrative Fees. The tenants are synergistic in nature, and the suite sizes are uniformly small and compact, with the majority averaging about 1,000 square feet. This is a parking lot that appears to consistently stay busy, which is a sign of successful tenants. The demographics surrounding the property are dense, with close to 200,000 people within a 5-mile radius. The property is also a stone’s throw from Morton High School, with a student body of 1,500. The tenants benefit from prominent pylon signage, as well as unrestricted ingress and egress from the property’s access points. The site is adjacent to an Autozone and kitty corner to a Save-a-Lot Grocery anchored retail center. Priced at a 9.75percent percent CAP rate and a price per square foot of $135, this is an opportunity to purchase a high-yield retail opportunity with landlord friendly NNN leases.