Marcus & Millichap Inc.
11/25/2024 | Press release | Distributed by Public on 11/25/2024 16:03
Marcus & Millichap Brokers $5.8M Sale of 4-Suite Medtail Strip in Westfield, Indiana
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Marcus & Millichap Brokers $5.8M Sale of 4-Suite Medtail Strip in Westfield, Indiana
November 25, 2024
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WESTFIELD, Ind., Nov. 25, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Creekside Centre, a 4-suite medical office (Medtail) strip center located in Westfield, Indiana. The property sold for $5.8 million.
"My client was completing a 1031 exchange, in which he sold his down leg-a medical office in Lafayette, Indiana," said Julia Evinger, first vice president of investments. "The Westfield US 32 corridor was particularly attractive due to its tremendous growth over the past four years, driven by Grand Park and the downtown Westfield redevelopment. With the anchor tenant, Riverview Health, having just commenced a new 10-year NNN lease, along with the complementary mix of medical tenants, this property was the ideal choice for his long-term hold strategy."
Julia Evinger, medical office investment sales specialist in Marcus & Millichap's Indianapolis office, procured the buyer, a long-time client from the regional area.
Creekside Centre is located at 703-719 E. Main St., just off Interstate 31 in the US 32 Corridor in Hamilton County, (Indianapolis MSA), one of the two fastest growing counties in the state of Indiana, and one of the most affluent areas in the Indianapolis metro. Built in 2001, the 15,168-square-foot property is anchored by Riverview Health, which also operates a hospital within five minutes of this facility. Additional tenants include Titus Orthodontics, Bumble Kids and Domino's.
"My client was completing a 1031 exchange, in which he sold his down leg-a medical office in Lafayette, Indiana," said Julia Evinger, first vice president of investments. "The Westfield US 32 corridor was particularly attractive due to its tremendous growth over the past four years, driven by Grand Park and the downtown Westfield redevelopment. With the anchor tenant, Riverview Health, having just commenced a new 10-year NNN lease, along with the complementary mix of medical tenants, this property was the ideal choice for his long-term hold strategy."
Julia Evinger, medical office investment sales specialist in Marcus & Millichap's Indianapolis office, procured the buyer, a long-time client from the regional area.
Creekside Centre is located at 703-719 E. Main St., just off Interstate 31 in the US 32 Corridor in Hamilton County, (Indianapolis MSA), one of the two fastest growing counties in the state of Indiana, and one of the most affluent areas in the Indianapolis metro. Built in 2001, the 15,168-square-foot property is anchored by Riverview Health, which also operates a hospital within five minutes of this facility. Additional tenants include Titus Orthodontics, Bumble Kids and Domino's.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.