Department Store
Single Tenant Hard Corner Walter E Smithe
4 81st Ave, Merrillville, IN 46410
Listing Price: $6,906,000
Investment Overview
Walter E. Smithe is secured by a NNN lease with 10.5 years of term remaining and a corporate guarantee. The lease includes 1, 10-year renewal option and scheduled rental increases. The tenant has operated at this location since 2005, demonstrating long-term commitment to the site. Positioned at the signalized intersection of U.S. Hwy 30 and Broadway Street (89,101 VPD) near Interstate-65 (103,876 VPD), the property benefits from exceptional visibility and heavy traffic counts. The site is located within a major retail corridor surrounded by top-performing national retailers including Meijer (3rd most visited in IN), Costco (2nd most visited in IN), and Southlake Mall (4th most visited mall in IN), along with numerous auto dealerships and 23 nearby hotels. The property serves a dense and affluent trade area, with over 38,000 residents and 52,000 daytime employees within three miles, and average household incomes of $91,494 within five miles.
Single Tenant Hard Corner Walter E Smithe
Investment Highlights
- NNN Walter E. Smithe with 10.5-years of term remaining
- Build-to-suit building with a tenant that has operated at this location for 20 years and just executed a 10-year extension, reflecting at least a 30-year commitment to the property
- Corporately guaranteed by Walter E. Smithe Furniture, Inc
- 0.6 miles from on/off ramp of Interstate-65, which sees 103,876 vehicles per day
- Located in a major retail corridor | Surrounded by top ranked retailers and shopping centers
- 1.4 miles from Southlake Mall, the 4th most visited regional mall in Indiana, which attracts 6.3 million annual visitors (Placer.ai)
- Cluster of auto dealerships within a three-mile radius—Lexus, Acura, Buick, GMC, Cadillac, Infiniti, Hyundai, Ford, Lincoln, and Mazda—and 23 hotels located within two miles
- From 2010-2020, the population grew 9.47 percent and is expected to grow an additional 1.77 percent by 2029 within a one-mile radius
Listing Price: $6,906,000
Investment Highlights
- NNN Walter E. Smithe with 10.5-years of term remaining
- Build-to-suit building with a tenant that has operated at this location for 20 years and just executed a 10-year extension, reflecting at least a 30-year commitment to the property
- Corporately guaranteed by Walter E. Smithe Furniture, Inc
- 0.6 miles from on/off ramp of Interstate-65, which sees 103,876 vehicles per day
- Located in a major retail corridor | Surrounded by top ranked retailers and shopping centers
- 1.4 miles from Southlake Mall, the 4th most visited regional mall in Indiana, which attracts 6.3 million annual visitors (Placer.ai)
- Cluster of auto dealerships within a three-mile radius—Lexus, Acura, Buick, GMC, Cadillac, Infiniti, Hyundai, Ford, Lincoln, and Mazda—and 23 hotels located within two miles
- From 2010-2020, the population grew 9.47 percent and is expected to grow an additional 1.77 percent by 2029 within a one-mile radius
Investment Overview
Walter E. Smithe is secured by a NNN lease with 10.5 years of term remaining and a corporate guarantee. The lease includes 1, 10-year renewal option and scheduled rental increases. The tenant has operated at this location since 2005, demonstrating long-term commitment to the site. Positioned at the signalized intersection of U.S. Hwy 30 and Broadway Street (89,101 VPD) near Interstate-65 (103,876 VPD), the property benefits from exceptional visibility and heavy traffic counts. The site is located within a major retail corridor surrounded by top-performing national retailers including Meijer (3rd most visited in IN), Costco (2nd most visited in IN), and Southlake Mall (4th most visited mall in IN), along with numerous auto dealerships and 23 nearby hotels. The property serves a dense and affluent trade area, with over 38,000 residents and 52,000 daytime employees within three miles, and average household incomes of $91,494 within five miles.
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