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Drive-Thru BMO Harris Bank Retail Center 25-33 E Sibley Blvd 9,942 SF 100% Leased Retail Building Hammond, IN 46320 $3,759,178 CAD ($378.11 CAD/SF) 7.50% Cap Rate
Investment Highlights
- 4-Tenant Retail Strip Anchored by BMO Harris Bank, Located on the Outpad to a Strack & Van Til (Hy-Vee), the Dominant Grocer in Northwest Indiana
- The Chicago Bears have Announced that They are Moving Forward with Their Plan to Build a New Stadium in Hammond, Indiana
- BMO Harris is Equipped with a Double Drive-Thru, Adding to the Residual Value of the Location
- Placer Scores for BMO, Midwest Express and Wingstop are Extremely Strong, Demonstrating High-Traffic and High Sales Performance Potential
- The Community Reinvestment Act Mandates that Banks Operate and Serve in Lower to Moderate Income Areas, Reinforcing BMO’s Stickiness to this Site
- Masonry Building with Exceptional Street Presence Both on Sibley, as well as High Visibility and Accessibility to Traffic Exiting Strack & Van Til
Executive Summary
Indiana. The property is anchored by a drive-thru BMO Harris Bank branch, as well as shadow anchored by a Strack & Van Til (Hy-Vee) supermarket, to
which this retail center is positioned as an outparcel. BMO’s A+ credit rating (per Standard & Poors’ Global Credit Rating) backs more than 50 percent of
the property’s cash flow, and three out of four of the tenants are national, multi-unit operators.
Priced well below the cost it would take to build today, this property is offered for sale at $269 per square foot, or at a 7.50 percent CAP rate. As institutional
capital has migrated into neighborhood strip centers as a preferred asset class, average cap rates have compressed to record levels.
Due to the Community Reinvestment Act, the government mandates that banks serve moderate and lower income communities, ensuring that BMO will remain
sticky to this location. Furthermore, the cost of identifying available land, gaining zoning approvals for multi-lane drive-thrus and building a new bank branch
elsewhere in Hammond is completely cost-prohibitive, further guaranteeing the longevity of BMO.
Northwest Indiana has enjoyed sustained economic and demographic growth over the last twenty years due to its pro-business regulatory environment. Both
businesses and people have migrated from Illinois across the border to enjoy the lower cost of living that Indiana affords. Items such as cigarettes, liquor and
gasoline, which is taxed at a higher rate in Illinois, continually draws Chicago residents across the border to purchase these products in Indiana. This trend has
provided an enormous tailwind to the Indiana economy and has bolstered the state’s retail sales prodigiously.
Please reach out to Marcus & Millichap with additional questions about this opportunity.
Property Facts
Amenities
- 24 Hour Access
- Security System
- Signage
- Tenant Controlled HVAC
- Wheelchair Accessible
- Air Conditioning
- Smoke Detector
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
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- Finance and Insurance
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99,999 SF
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$9.99
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Lorem Ipsum
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Jan 0000
BMO began in 1817 as the Bank of Montreal and has grown into a diversified North American financial services company. BMO provides personal and commercial banking, wealth management, global markets, and investment banking services, along with loans, credit cards, mortgages, and investment solutions for consumers and businesses. BMO also serves U.S. customers through retail and business banking offerings while maintaining a broad presence across Canada and the United States.
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- Health Care and Social Assistance
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99,999 SF
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$9.99
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Lorem Ipsum
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Jan 0000
Midwest Express Clinic works to challenge the status quo of the healthcare industry through innovation. They are a chain of independent, non-hospital affiliated clinics focused on patient care, satisfaction, and affordability. They don’t push expensive diagnostic testing or unnecessary specialty referrals, ensuring the priority is to provide quality care that only serves your best interest. With convenient hours and locations throughout the Northwest Indiana and Chicago, Illinois areas, Midwest Express Clinic is here for you when you need them most. Their dedicated medical staff provides expert, personal, affordable, and convenient quality care across a wide range of medical services to get you on the road to recovery quickly.
- Sibley Tobacco
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99,999 SF
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$9.99
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Lorem Ipsum
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Jan 0000
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- Accommodation and Food Services
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99,999 SF
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$9.99
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Lorem Ipsum
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Jan 0000
Wingstop began in 1994 as a small chicken wing restaurant in Texas and expanded into franchising a few years later. The company now operates and franchises a broad restaurant network centered on cooked-to-order chicken wings, boneless wings, tenders, and chicken sandwiches, with a menu that also includes signature sides and housemade ranch and bleu cheese dips. Wingstop's business model is built around hand-sauced, hand-tossed flavor offerings, and the brand has grown into a widely recognized restaurant system with a large international footprint, while most locations are owned by brand partners.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Finance and Insurance | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
|
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Health Care and Social Assistance | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Sibley Tobacco | - | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
|
|
Accommodation and Food Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 45-02-36-151-002.000-023 | Improvements Assessment | $2,257,226 CAD |
| Land Assessment | $181,982 CAD | Total Assessment | $2,439,208 CAD |
Property Taxes
Presented by
Drive-Thru BMO Harris Bank Retail Center | 25-33 E Sibley Blvd
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