Marcus & Millichap, a leading commercial real estate firm, recently announced the successful sale of a net-leased Burger King property in Valparaiso, Indiana for $1.6 million. The transaction was facilitated by Nicholas Kanich, first vice president of investments at Marcus & Millichap.
According to Kanich, the property received multiple offers and ultimately closed with a Chicagoland-based property group. The buyer was attracted to both the prime location and long-term tenancy of one of America’s largest restaurant franchises.
Kanich worked alongside Mitchell Kiven from Marcus & Millichap’s Chicago downtown office to market the listing on behalf of an Indiana retail developer and manager. They also secured the buyer – an Illinois-based real estate development and management company – for this exclusive opportunity. Josh Caruana from Marcus & Millichap’s Indiana office assisted in completing this deal as well.
The 3,320-square-foot Burger King is situated at 2921 Calumet Avenue within a bustling retail center that includes popular brands such as Starbucks, Dairy Queen , Subway ,and Dollar General . Since its establishment in 2008,the fast food chain has been operating successfully with current options for lease renewal available.
This recent acquisition by Chicagoland Property Group further solidifies their presence in the Midwest region while adding another valuable asset to their portfolio.
