Press Releases
MARCUS & MILLICHAP FACILITATES $7M SALE OF RETAIL & DEVELOPMENT PORTFOLIO IN INDIANA
December 13, 2024Marcus & Millichap Facilitates $7M Sale of Retail and Development Portfolio in Indiana
EVANSVILLE, Ind., Dec. 13, 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 a portfolio that includes 5.92 acres of land for retail development, along with a net-leased Marshalls and Dollar Tree in Evansville, Indiana. The properties collectively sold for $7,022,529.
“The portfolio’s strategic position in a thriving retail and residential hub, coupled with its proximity to high-profile tenants like Fresh Thyme Market, Academy Sports, and Sam’s Club, generated significant investor interest,” said Ashish Vakhariya, Senior Vice President of Investments at Marcus & Millichap. “The area’s strong retail development and leasing activity, along with its adjacency to major healthcare and educational facilities, underscores its exceptional growth potential and appeal to investors.”
Ashish Vakhariya, Seth Haron, and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office, marketed the property on behalf of the seller. Josh Caruana, Broker of Record in Indiana, provided additional support in closing the deal.
The portfolio, located at 1021 Hirschland Road, is shadow-anchored by leading retail brands Fresh Thyme Market, Academy Sports, and Sam’s Club. The properties benefit from their proximity to the University of Southern Indiana, major healthcare facilities like Deaconess Gateway Hospital and Ascension St. Vincent, and Evansville’s rapidly growing retail and residential sectors.
Key highlights of the portfolio include:
- Marshalls: Built in 2021, this location ranks as Indiana’s top-performing Marshalls and among the top 17% of stores nationwide. It is secured by a 10-year double-net lease with investment-grade tenant TJX Companies (NYSE: TJX).
- Dollar Tree: Constructed in 2022, this property features a 10-year triple-net lease with Dollar Tree Stores, Inc. (NYSE: DLTR).
- Vacant Land: Offering 46,305 square feet of buildable area, the land presents significant opportunities for retail development in one of Evansville’s most active corridors.
The sale highlights Marcus & Millichap’s ability to connect clients with strong investment opportunities in high-demand markets and reinforces the continued confidence in retail properties within thriving metropolitan areas.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national 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.
