1231 Cumberland Crossing Drive, Valparaiso, IN 46383 For Sale

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.