A retail outparcel in Valparaiso, Indiana has recently sold for $1.7 million. The property, located at 3029 Calumet Drive and part of the Cumberland Crossing Retail Center shadow-anchored by the YMCA, was marketed by Marcus & Millichap’s Chicago downtown office.
According to Mitchell Kiven, first vice president investments at Marcus & Millichap, the sale closed at 97.5 percent of its listing price due to its prime location and Class A status. The building is currently occupied by three long-term service-oriented tenants who have been there for over a decade.
Kiven and investment specialist Nicholas Kanich were responsible for marketing the property on behalf of an Indiana-based retail developer and manager while also securing a buyer from an Illinois real estate development company with assistance from Broker of Record Josh Caruana in Indiana.
Built in 2008, this multi-tenant property spans 7,541 square feet and is home to Salon Lofts,Venus Nails,and an Indiana Farm Bureau Insurance Agency among other retailers such as Starbucks,Burger King,and Dairy Queen within Cumberland Crossing Retail Center.
