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Shopping Strip

New Construction Med-Tail Center | Walmart Pad

1001 5th Ave, Hammond, IN 46320

Listing Price: $5,098,000

Cap Rate
6.75%
Gross SF
14,158
Rentable SF
14,158
Price/Gross SF
$360.08
Lot Size
1.41 acres
Year Built
2018

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a Class A, recently constructed, four-tenant “Med-Tail” center, located on a padsite to a Walmart and Ross anchored retail development in Northwest Indiana. The property is just steps away from Caesars’ Horseshoe Hammond Casino, the busiest casino in the state of Indiana. Positioned at the lighted intersection of Indianapolis Boulevard and Fifth Avenue, the property has exposure to over 31,000 vehicles per day; it is also directly visible from the Interstate 90 Chicago Skyway (an additional 22,817 vehicles per day). Between the busy Walmart, the nearby interstate, and the Horseshoe Casino, this triangulation of nearby traffic drivers ensures this site remains busy and well-trafficked. The property is also surrounded by other top-tier retailers, including Starbucks, Popeyes, Dollar Tree and Taco Bell. Anchored by a dialysis clinic operated by American Renal Associates (a top-five provider of dialysis services in the U.S.), as well as a Midwest Express Clinic urgent care, 63% of the gross leasable area is medical. Additionally, AT&T just signed a five-year lease extension and Luxx Nail Lounge & Spa recently completed a lavish buildout and is now open for business in the balance of the available space. The Weighted Average Lease Term, or WALT, is 6.6 years, and there are also multiple built-in rent increases coming in the next two years that will create significant NOI growth, all within the tenants’ primary lease terms. All leases are NNN, and tenants reimburse for their share of real estate taxes, CAM, insurance and management fees.

Investment Highlights

  • New construction, four-tenant "Med-Tail" center with 63% of the tenancy attributed to purely medical use
  • The Dialysis Center of Hammond-Whiting (operated by American Renal Associates) occupies 42% of the GLA, and provides the definition of necessity services to its patients
  • High traffic counts | Visible to over 47,000 vehicles per day
  • Strong Weighted Average Lease Term over 6.6 years on average, across the rent roll, with several built-in rent escalations coming in the next two years, within the tenants' primary lease term
  • Padsite to a Walmart and Ross Dress for Less anchored development | One-half mile from Horseshoe Hammond Casino

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Financing By

Shopping Strip

New Construction Med-Tail Center | Walmart Pad

Listing Price: $5,098,000

Cap Rate
6.75%
Gross SF
14,158
Rentable SF
14,158
Price/Gross SF
$360.08
Lot Size
1.41 acres
Year Built
2018

Investment Highlights

  • New construction, four-tenant "Med-Tail" center with 63% of the tenancy attributed to purely medical use
  • The Dialysis Center of Hammond-Whiting (operated by American Renal Associates) occupies 42% of the GLA, and provides the definition of necessity services to its patients
  • High traffic counts | Visible to over 47,000 vehicles per day
  • Strong Weighted Average Lease Term over 6.6 years on average, across the rent roll, with several built-in rent escalations coming in the next two years, within the tenants' primary lease term
  • Padsite to a Walmart and Ross Dress for Less anchored development | One-half mile from Horseshoe Hammond Casino

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a Class A, recently constructed, four-tenant “Med-Tail” center, located on a padsite to a Walmart and Ross anchored retail development in Northwest Indiana. The property is just steps away from Caesars’ Horseshoe Hammond Casino, the busiest casino in the state of Indiana. Positioned at the lighted intersection of Indianapolis Boulevard and Fifth Avenue, the property has exposure to over 31,000 vehicles per day; it is also directly visible from the Interstate 90 Chicago Skyway (an additional 22,817 vehicles per day). Between the busy Walmart, the nearby interstate, and the Horseshoe Casino, this triangulation of nearby traffic drivers ensures this site remains busy and well-trafficked. The property is also surrounded by other top-tier retailers, including Starbucks, Popeyes, Dollar Tree and Taco Bell. Anchored by a dialysis clinic operated by American Renal Associates (a top-five provider of dialysis services in the U.S.), as well as a Midwest Express Clinic urgent care, 63% of the gross leasable area is medical. Additionally, AT&T just signed a five-year lease extension and Luxx Nail Lounge & Spa recently completed a lavish buildout and is now open for business in the balance of the available space. The Weighted Average Lease Term, or WALT, is 6.6 years, and there are also multiple built-in rent increases coming in the next two years that will create significant NOI growth, all within the tenants’ primary lease terms. All leases are NNN, and tenants reimburse for their share of real estate taxes, CAM, insurance and management fees.

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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