Marcus & Millichap recently completed the sale of a net-leased Five Below property in Hammond, Indiana for $2,791,348. The property is strategically located between the Illinois-Indiana border and Lake Michigan and is only 16 miles from downtown Chicago.
According to Nicholas Kanich, first vice president of investments at Marcus & Millichap, there were multiple offers on this highly desirable asset. Ultimately, a REIT with an active acquisition strategy was chosen as the buyer.
Kanich represented both parties in this transaction as he holds expertise in investment properties within Marcus & Millichap’s Chicago office. He worked closely with Josh Caruana – Broker of Record for Indiana – to successfully close the deal.
The newly constructed Five Below store at 1035 Indianapolis Boulevard has over 10 years remaining on its double-net lease agreement. It spans across 10,122 square feet and sits on a pad site next to a Walmart Supercenter and Ross-anchored retail center.
This news was originally reported by Connect CRE.
