• 450 Saint John Rd, Michigan City, IN 46360

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Property Details

Marquette Shopping Center & Office Plaza is located in Michigan City, Indiana at the northwest corner of US Hwy 20 and Franklin Street. Michigan City is approximately 60 miles east of Chicago (included in the overall Chicago MSA) and lies along Lake Michigan. Due to the city's close proximity to the Great Lake, it receives a large amount of tourism during summer months by residents of Chicago and Northern Indiana. The immediate corridor on which Marquette sits not only sees a large amount of local traffic but also benefits from tourists making stops off of I-94 as they head to and from summer vacation destinations around the Great Lake being just two miles off of the interchange. The average daily vehicular counts for Marquette's immediate intersection are over 56,000 vehicles per day. The site benefits from travelers seeking hotel, food, or coffee destinations with excellent co-tenancy on the in the immediate corridor which includes Walmart, Meijer, Menards, Lowes, Walgreens, Starbucks, Culver's, IHOP, Panera, and nearly fifty more national brands within the two-mile stretch between Marquette Mall and I-94. This prime location offers a multitude of opportunities for an investor to take advantage of all the activity in the immediate area. SVN is pleased to present the offering of Marquette Shopping Center & Office Plaza, a mixed-use retail and office investment opportunity totaling 593,155 square feet located in Michigan City, Indiana just 58 miles from Chicago. The subject opportunity offers a regional shopping mall, two retail outlots, and a seven-story office tower. Marquette offers an excellent value-add opportunity well below replacement cost ($15.52 per square foot) to acquire a cash flowing asset with approximately 18.5% occupancy allowing any investor ample time to lease up the retail and office vacancies or work to reposition the asset. In addition to retail, the site has high potential for alternative uses including medical, mixed-use residential, or other non-traditional uses. The site currently contains a healthy mix of tenants including Planet Fitness, GNC, Athletico, Bright Beginnings Learning Academy, Tire Barn, Allstate, Castle Ford & Lincoln and more. To add further enticement for this value-add opportunity, the current ownership group is willing to provide very attractive seller financing at an 80% LTV for three years at 5% interest only providing exceptional cash flow and depreciation benefits for qualified prospective purchasers.

  • Property Type
    Office, Retail
  • Submarket
  • Year Built
  • Total Building Size
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