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1211-1231 Cumberland Ave
Valparaiso, IN 46383
UChicago Medical Anchored Retail Center · Retail Property For Sale
Investment Highlights
- Future padsite to a new construction Meijer grocery store
- University of Chicago Medical has investment grade credit (“AA-“ per Fitch) and backs 60% of the income
- All tenants struck new leases with only limited tenant improvement allowances
- Excellent med-tail tenant mix | High visibility, excellent accessibility
- United Farm Insurance is relocating from a neighboring pad and signed a 10-year lease
- Weighted average lease term of just over 5 years
Executive Summary
Marcus and Millichap is pleased to present the opportunity to purchase the fee simple interest in a 12,000 square foot, University of Chicago Medical Anchored
Retail Center located in Valparaiso, Indiana. The property will be shadow anchored by a new construction Meijer Grocery Store that is being built on the adjacent
plot of land. As part of the Cumberland Crossing development, the University of Chicago building is positioned in the middle of several other new and existing
retail properties, including 7 Brew, Chipotle, Burger King, Dairy Queen, Starbucks and the Valparaiso YMCA – the highest traffic YMCA in Indiana per Placer.AI.
The University of Chicago Medical’s credit is rated investment grade by Fitch, with a rating of AA-. Their credit backs over 60% of property’s income. United
Farm Insurance recently committed to a new 10-year lease. The one remaining space was recently leased to a physical therapist with two other existing practices.
The property’s siting relative to both the surrounding retail, as well as to Calumet Avenue, is optimal. Given the predominately medical tenancy, the immediate
accessibility of the property’s parking plays a key role in attracting this caliber of tenant type. Built in 2008, the building features Class A, masonry construction,
and was built to a higher visual and structural standard than the majority of comparable retail buildings. At the asking price, the price per square foot is only
$300, which is reflective of long-term upside potential as retail rents are expected to continue rising over at least the next 10 years.
Valparaiso is a mature community in Northwest Indiana but one that still features strong growth characteristics. With abundant housing development afoot,
national retailers continue to look for space to expand in Valparaiso. The city is also home to Valparaiso University and is located within the Chicago MSA.
This is an opportunity to purchase a fully occupied retail property at a favorable entry basis and cap rate. Located in a stable yet growing community, with
multiple ancillary traffic drivers triangulating the underlying real estate.
Retail Center located in Valparaiso, Indiana. The property will be shadow anchored by a new construction Meijer Grocery Store that is being built on the adjacent
plot of land. As part of the Cumberland Crossing development, the University of Chicago building is positioned in the middle of several other new and existing
retail properties, including 7 Brew, Chipotle, Burger King, Dairy Queen, Starbucks and the Valparaiso YMCA – the highest traffic YMCA in Indiana per Placer.AI.
The University of Chicago Medical’s credit is rated investment grade by Fitch, with a rating of AA-. Their credit backs over 60% of property’s income. United
Farm Insurance recently committed to a new 10-year lease. The one remaining space was recently leased to a physical therapist with two other existing practices.
The property’s siting relative to both the surrounding retail, as well as to Calumet Avenue, is optimal. Given the predominately medical tenancy, the immediate
accessibility of the property’s parking plays a key role in attracting this caliber of tenant type. Built in 2008, the building features Class A, masonry construction,
and was built to a higher visual and structural standard than the majority of comparable retail buildings. At the asking price, the price per square foot is only
$300, which is reflective of long-term upside potential as retail rents are expected to continue rising over at least the next 10 years.
Valparaiso is a mature community in Northwest Indiana but one that still features strong growth characteristics. With abundant housing development afoot,
national retailers continue to look for space to expand in Valparaiso. The city is also home to Valparaiso University and is located within the Chicago MSA.
This is an opportunity to purchase a fully occupied retail property at a favorable entry basis and cap rate. Located in a stable yet growing community, with
multiple ancillary traffic drivers triangulating the underlying real estate.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
12,091 SF
Building Class
B
Year Built
2008
Price
$3,645,000
Price Per SF
$301.46
Cap Rate
7.50%
NOI
$273,330
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.59
Lot Size
0.47 AC
Parking
35 Spaces (2.89 Spaces per 1,000 SF Leased)
Frontage
225’ on Calumet Ave
Amenities
- Dedicated Turn Lane
- Signalized Intersection
Property Taxes
| Parcel Number | 64-10-07-351-017.000-004 | Improvements Assessment | $2,357,900 |
| Land Assessment | $174,300 | Total Assessment | $2,532,200 |
Property Taxes
Parcel Number
64-10-07-351-017.000-004
Land Assessment
$174,300
Improvements Assessment
$2,357,900
Total Assessment
$2,532,200
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