4303-4361 Franklin St
Michigan City, IN 46360
88% Occ JoAnn/Hobby Lobby Ctr|$53/SF|9% Cap · Retail Property For Sale

The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in Lake Park Plaza anchored by Hobby Lobby and JoAnn Fabrics and Crafts and shadow anchored by Big R Stores in Michigan City, Indiana. -The 114,867 S.F. retail center is being offered for a reduced price of $6,045,000, representing $53/SF, high 12.26% expected cash-on-cash return at an attractive 9.00% CAP Rate. The 88% occupied center also center provides upside through the lease-up of the remaining vacant units. -Many of the tenants at Lake Park Plaza have been in place for many years and have continued to exercise renewals proving their commitment to the center and the market. -The rent roll consists of an excellent mix of national, regional and local tenants and draws from the anchors, Hobby Lobby and JoAnn’s, along with the plaza’s shadow retailers including Big R, Red Lobster, KFC and Chase Bank. LOCATION: -Lake Park Plaza boasts high visibility and frontage along the main retail corridor, Franklin Street. The asset is strategically positioned as one of the first centers when entering the commercial corridor from I-94 and I-80/I-90. Additionally, the property is located just south of Route 20 that runs across the entire state of Indiana. -The center has a prominent location being surrounded by Menard’s, T.J. Maxx Meijer, Kohl’s, Buffalo Wild Wings, Starbucks, Olive Garden, Panera Bread, Culver’s, Marquette Mall/Office Tower and several hotels that help to provide a constant, steady flow of traffic near the center. -The LaPorte County/Michigan City retail hub benefits as a tourist destination drawing over 4.4 million visitors annually contributing over $607 million to the economy. This draw increases the area spending power and helps provide long-term support and potential growth to the market. Area Information -Lake Park Plaza’s position in the business corridor is located approximately 50 miles east of Chicago and 40 miles west of South Bend, Indiana. -Michigan City is noted for both its proximity to the Indiana Dunes National Lakeshore and for bordering Lake Michigan which draws a significant amount of tourism in the summer months. One of the biggest attractions just 3 miles north of the center on the Lake -Michigan coast is the Blue Chip Casino. This casino is the largest riverboat in Indiana. The Blue Chip just finished building the biggest building in all of northwest Indiana by adding a 22 story hotel. The casino draws from the Chicago market as a getaway destination, along with the South Shore Line that begins construction in November of 2018 with $1.2 billion invested over the next 5 years. -The LaPorte Regional Health System/Franciscan Health Hospital is currently building a new hospital on an 86-acre site at the northwest corner of U.S. 421 and Interstate 94. The 130-bed project is expected to be completed in 2018. -With the property’s desirable location in a continually growing area and inviting appearance, the featured asset is positioned to be a solid investment for many years to come. Just minutes to Lake Shore Drive & Washington Park Avenue, the most affluent neighborhood in Michigan City.