Skip to main content

Office Medical

1425 Glendale

1425 E Glendale Blvd, Valparaiso, IN 46383

Listing Price: Request For Offer

Gross SF
43,450
Rentable SF
43,450
Year Built
2022
Lot Size
3.30 acres

Investment Overview

SummaryMarcus & Millichap is pleased to exclusively represent 1425 E Glendale Blvd., Valparaiso, Indiana, a two-story class A professional office building (originally proposed as a medical office) that began construction in 2018 and is currently 80 percent complete to grey shell per the developer. The Property is in receivership. A successful offer must be approved by the court. Property to be delivered free and clear of all mechanics liens and conveyed by trustee’s deed.Building amenities include a covered canopy entrance, 26 rear covered parking spaces, ADA accessibility, three elevator shafts (two passenger, one freight), back up generator, life safety systems, highly visible building signage, ample planned parking (182 spaces including eight ADA) and three rooftop air handlers. When complete, the building will offer 43,450 SF of gross and net building area on 3.3 acres. Per the original appraisal, the subject property had an as is value of $23,050,000; ($529.43 square-feet) with a construction budget of ~$14 million. The developer purportedly has spent ~$10 million to date. According to the developer, the building requires approximately $2.5 million in additional costs to finish the improvements and site area. Additionally, the tenant improvement budget is assumed to be $45 per square-foot. Class B professional office (non-medical) rents for the area range between ~$17-$18 Triple-Net (NNN).The subject property is adjacent to Northwest Health Valparaiso, a location of Porter Regional Hospital. However, the building is deed restricted for certain medical activities without the prior written consent of Grantor (Porter Hospital) who’s consent may be granted or denied in its sole and absolute discretion. The deed restriction was the cause of the injunction and inability to complete the project as planned. (Ask Broker for Restriction Language)This investment is suitable for an owner/user office headquarters or an office tenant who is complimentary to the medical profession but does not directly see patients.The subject property is located in Valparaiso, Indiana, (Chicago MSA - 3rd Largest ; Population: 9,618,502) and is adjacent to Northwest Health Valparaiso, a location of Porter Regional Hospital. This care location offers outpatient diagnostic and laboratory services, as well as a 24/7 Emergency Department. Just six miles away is Northwest Health Porter Regional Hospital (301 beds) who provides a variety of services including cancer care, diabetes care, emergency services, laboratory services, neurology, pediatric care, urgent care, and more. Ideally located on E. Glendale Boulevard (5,175 vehicles per day), this location has ease of access to IN SR 49 and US Highway 30. The Valparaiso Marketplace Shopping and Porter Vale Shopping Centers along with a multitude of restaurants and services along Calumet Avenue are within minutes of this location (Target, Menards, Home Depot, Aldi, CVS, and Walgreens). The area enjoys an average household income of $93,017 (within a three mile radius), well above the national average. Valparaiso University (enrollment: 2,723) and Ivy Tech Community College Valparaiso provide an educated talent pool. The subject property offers investors the opportunity to acquire, complete and lease up a class A professional office building, unique to the area for potential double-digit returns.

Investment Highlights

  • 80 Percent Complete Grey Shell | Two Story Class A Professional Office Building (43,450 Gross Square-Feet | 3.3 Acres)
  • Proposed Amenities: Covered Canopy Entrance, Lobby, State of the Art Life Systems with Back up Generator, ADA Restrooms, Three Elevators (Two Passenger, One Freight), Ample Parking (182 Spaces)
  • Property Suitable for Professional Office Headquarters, Call Center, Educational Tech. Center, Multi-Tenant Co-Working Space or an Office for a Tenant who is Complimentary to the Medical Profession
  • Property Being Sold in Receivership Provides Tremendous Upside Potential on Acquisition Cost and Lease-Up (A Successful Offer Must be Court Approved)
  • Located in Chicago, Illinois MSA | Rank: 3rd | Population: 9,618,502 | Average Household Income: $93,017 (Three Miles)
  • Largest Area Employers: Valparaiso University |Porter Memorial Hospital | U.S. Steel Corp. | St. Mary Medical Center | Arcelormittal | Regal Power Trans Solutions | Ivy Tech Community College. | Pratt Industries.
  • Ideally Located on E Glendale Boulevard (5,175 Vehicles per Day) | Right off Indiana State Road 49 (28,475 Vehicles per Day)
  • Higher Education: Valparaiso University (Enrollment: 2,723) Ivy Tech Community College Valparaiso

Exclusively Listed By

Financing By

Office Medical

1425 Glendale

Listing Price: Request For Offer

Gross SF
43,450
Rentable SF
43,450
Year Built
2022
Lot Size
3.30 acres

Investment Highlights

  • 80 Percent Complete Grey Shell | Two Story Class A Professional Office Building (43,450 Gross Square-Feet | 3.3 Acres)
  • Proposed Amenities: Covered Canopy Entrance, Lobby, State of the Art Life Systems with Back up Generator, ADA Restrooms, Three Elevators (Two Passenger, One Freight), Ample Parking (182 Spaces)
  • Property Suitable for Professional Office Headquarters, Call Center, Educational Tech. Center, Multi-Tenant Co-Working Space or an Office for a Tenant who is Complimentary to the Medical Profession
  • Property Being Sold in Receivership Provides Tremendous Upside Potential on Acquisition Cost and Lease-Up (A Successful Offer Must be Court Approved)
  • Located in Chicago, Illinois MSA | Rank: 3rd | Population: 9,618,502 | Average Household Income: $93,017 (Three Miles)
  • Largest Area Employers: Valparaiso University |Porter Memorial Hospital | U.S. Steel Corp. | St. Mary Medical Center | Arcelormittal | Regal Power Trans Solutions | Ivy Tech Community College. | Pratt Industries.
  • Ideally Located on E Glendale Boulevard (5,175 Vehicles per Day) | Right off Indiana State Road 49 (28,475 Vehicles per Day)
  • Higher Education: Valparaiso University (Enrollment: 2,723) Ivy Tech Community College Valparaiso

Investment Overview

SummaryMarcus & Millichap is pleased to exclusively represent 1425 E Glendale Blvd., Valparaiso, Indiana, a two-story class A professional office building (originally proposed as a medical office) that began construction in 2018 and is currently 80 percent complete to grey shell per the developer. The Property is in receivership. A successful offer must be approved by the court. Property to be delivered free and clear of all mechanics liens and conveyed by trustee’s deed.Building amenities include a covered canopy entrance, 26 rear covered parking spaces, ADA accessibility, three elevator shafts (two passenger, one freight), back up generator, life safety systems, highly visible building signage, ample planned parking (182 spaces including eight ADA) and three rooftop air handlers. When complete, the building will offer 43,450 SF of gross and net building area on 3.3 acres. Per the original appraisal, the subject property had an as is value of $23,050,000; ($529.43 square-feet) with a construction budget of ~$14 million. The developer purportedly has spent ~$10 million to date. According to the developer, the building requires approximately $2.5 million in additional costs to finish the improvements and site area. Additionally, the tenant improvement budget is assumed to be $45 per square-foot. Class B professional office (non-medical) rents for the area range between ~$17-$18 Triple-Net (NNN).The subject property is adjacent to Northwest Health Valparaiso, a location of Porter Regional Hospital. However, the building is deed restricted for certain medical activities without the prior written consent of Grantor (Porter Hospital) who’s consent may be granted or denied in its sole and absolute discretion. The deed restriction was the cause of the injunction and inability to complete the project as planned. (Ask Broker for Restriction Language)This investment is suitable for an owner/user office headquarters or an office tenant who is complimentary to the medical profession but does not directly see patients.The subject property is located in Valparaiso, Indiana, (Chicago MSA - 3rd Largest ; Population: 9,618,502) and is adjacent to Northwest Health Valparaiso, a location of Porter Regional Hospital. This care location offers outpatient diagnostic and laboratory services, as well as a 24/7 Emergency Department. Just six miles away is Northwest Health Porter Regional Hospital (301 beds) who provides a variety of services including cancer care, diabetes care, emergency services, laboratory services, neurology, pediatric care, urgent care, and more. Ideally located on E. Glendale Boulevard (5,175 vehicles per day), this location has ease of access to IN SR 49 and US Highway 30. The Valparaiso Marketplace Shopping and Porter Vale Shopping Centers along with a multitude of restaurants and services along Calumet Avenue are within minutes of this location (Target, Menards, Home Depot, Aldi, CVS, and Walgreens). The area enjoys an average household income of $93,017 (within a three mile radius), well above the national average. Valparaiso University (enrollment: 2,723) and Ivy Tech Community College Valparaiso provide an educated talent pool. The subject property offers investors the opportunity to acquire, complete and lease up a class A professional office building, unique to the area for potential double-digit returns.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower