Investment Overview

Marcus & Millichap is pleased to exclusively represent for sale the Capital Centre, a 2-building flex office warehouse portfolio totaling 44,837 SF, located on W Cleveland Rd (19,800 VPD) in South Bend’s Toll Road Industrial Park, a well-established industrial hub on city’s northwest side. Built in 1988/1990, the metal and block construction features 16 units, 1 dock, 13 drive-ins, 18’ clear height, partial sprinkler coverage, and zoned for industrial use. The site includes 180 parking spaces and monument signage for strong visibility and is located within a designated TIF District. The property is 80% occupied with NNN leases and minimal landlord responsibilities. Current rents average $6.71 SF, 29% below market average, presenting significant upside potential through future lease-up and mark-to-market opportunities. The tenant mix is diverse and internet-resistant, including professional services (40%), medical (19%), industrial (12%), and media/entertainment (12%). The property offers exceptional regional and national connectivity, located 5 minutes from the I-90 (28,986 VPD) and US-31 (30,126 VPD) interchanges, and 7 minutes from South Bend International Airport. South Bend also benefits from easy access to 14 major interstates, reaching 75% of the U.S. and Canada population within a day’s drive. South Bend’s industrial market remains tight, with a 2.2% vacancy rate and an average asking rent of $9.38/SF (CoStar, November 2025). The market continues to experience strong economic momentum driven by transformative developments, including the $11 billion AWS data center and the $3.5 billion GM-Samsung EV battery plant. Additional developments include downtown revitalization, expanded healthcare facilities, and mixed-use projects. The population exceeds 262,000 (10-mile radius) with an average household income of $79,596 and a 3% daytime population increase. The region is supported by an educated workforce from the University of Notre Dame (Total Enrollment: 13,129) and multiple regional colleges and technical schools. This 2-building flex office warehouse portfolio offers a compelling investment opportunity with immediate value-add potential through lease-up and rent growth, within a growing, high-demand industrial submarket.