Quantum Real Estate Advisors has closed the sale of a dual-tenant retail asset in Michigan City, Ind., for $1.6 million. President Chad Firsel and Vice President Jason Lenhoff represented the seller, a Chicago-based not-for-profit investment fund.
Located at 710 Franklin St., the two-story building was completed in 1914 and was fully leased to CVS and Healthlinc at the time of sale. According to the LaPorte County Assessor’s office, the 22,274-square-foot property last changed hands in 2008 for $1 million. The new owner is a California-based investor.
The asset is close to the city’s main retail and entertainment establishments—Blue Chip Casino & Resort, Lighthouse Place Premium Outlets and Indiana Dunes State Park. Recently, Firsel brokered the sale of Little Village Plaza, a multi-tenant retail center in Chicago. The three-building property traded for $17.5 million.