Marcus & Millichap recently closed the sale of a 34,704-square foot property located in Crown Point, IN. The asset was net-leased to the State of Indiana and sold for $7 million. Mitchell Kiven and Nicholas Kanich, investment specialists from Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of its seller—a partnership—and secured a limited liability company as buyer with their representation. Josh Caruana also provided assistance in closing this transaction as Regional Manager and Broker.
The 9801 Georgia St., Crown Point location is surrounded by new development near I-65 which connects Chicago to Indianapolis. Through initial marketing efforts conducted by Kiven and Kanich’s team, an ideal buyer was identified quickly who then closed without any price adjustments during escrow period. “Net lease assets with strong fundamentals have continued to remain popular despite current conditions,” said Kanich,”particularly those that feature recent renewals with minimal landlord concessions.”
