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503 E. 98th Ave.
Merrillville, IN 46410
Industrial Property For Sale
Executive Summary
96% OCCUPANCY SUBMARKET + LIMITED SUPPLY + STRONG RENT GROWTH
The Property is located within the Lake County industrial submarket, a 46.1-million-square-foot cluster that maintains a 95.8% occupancy rate, evidence of sustained tenant demand and virtually no new shallow bay industrial supply. Over the past decade, industrial rents in the submarket have surged 64.57%, reflecting strong economic fundamentals and continued upward pressure on pricing. With zero vacancies in Class A buildings with spaces ranging from 5,000 to 30,000 square feet, the competitive landscape is effectively nonexistent, enabling the Property to benefit from exceptional back?ll certainty, strong tenant velocity, and meaningful rental growth potential.
STRONG TENANT CLUSTER WITHIN ESTABLISHED LOGISTICS CORRIDOR
Located within the AmeriPlex at the Crossroads Business Park in Merrillville, Indiana, the surrounding area has emerged as a premier destination for logistics, manufacturing, and distribution users serving the greater Chicago metropolitan region. The park is home to a strong lineup of national and global tenants including Amazon, Domino’s, Red Bull Distribution Company, Dawn Foods, and NFI Industries, each leveraging the park’s modern infrastructure and direct access to Interstate 65 and Interstate 90/94, Merrillville offers exceptional regional connectivity to Chicago and surrounding Midwest markets. This concentration of best-in-class operators underscores the depth of tenant demand within the Northwest Indiana industrial corridor, where long-term market stability, high occupancy, and strong absorption trends continue to attract institutional-quality users seeking efficient, high-performance space.
SIGNIFICANT TAX ADVANTAGE + ANNUAL RENT GROWTH
Positioned just east of the Illinois border, the Property benefits from Indiana real estate taxes that are significantly lower than those of bordering Cook County and Illinois as a whole. In addition, ownership has secured further tax relief through a City of Merrillville tax reduction program through 2034. The abatement begins at a 100% reduction in Year 1 and phases down on average 10–15% annually over the remaining term. All the tenants at the Property operate under net lease structures, mitigating future expense growth, and passing through common area maintenance, insurance, real estate taxes, and management expenses. The investor will also benefit from scheduled 2.0-3.0% annual rent escalations for all tenants, enhancing long-term investor returns.
18 MONTH LEASE-UP + CLASS-A BUILD + LOW TURNOVER COSTS
The Property was completed in May 2024 and achieved full lease-up within an impressive 18-month period, underscoring the limited supply of comparable industrial product in the broader market. It offers exceptional construction quality, including 20’ clear heights, 45’ x 50’ column spacing, 4 dock-high doors, and 4 drive-in doors. The three units average just under 17,000 square feet, and the efficient suite sizes, combined with minimal office buildout and existing utility infrastructure, position the building for low to no tenant improvement turnover costs. Additionally, the Property’s design allows tenants to add dock-high doors as needed, providing future flexibility and supporting long-term functionality.
INVESTMENT GRADE TENANT SUBSIDIARY
34% of the Investment is occupied by Snyder’s-Lance, Inc., a wholly owned subsidiary of Campbell Soup Company (NYSE: CPB), a global consumer packaged goods leader with more than 150 years of operational history and a diversified portfolio of category-leading brands. Campbell Soup Company maintains an investment-grade credit rating (S&P: BBB-) and a market capitalization of approximately $9.36 billion, underscoring its ?nancial strength and stability within the public markets. Snyder’s-Lance serves as a key component of Campbell’s global snacking and distribution platform, supported by substantial corporate resources, national brand recognition, and multi-channel retail penetration.
PRO-BUSINESS INDIANA CLIMATE
Indiana ranks #1 (Best) in the Midwest and #6 (Best) in the nation by Chief Executive Magazine’s Best/Worst States national CEO survey, and Indiana companies enjoy some of the lowest business costs in the country. In Indiana, corporate state income tax, worker’s compensation, and unemployment costs are all 30% lower than those of Illinois. Indiana offers workers an overall cost of 18% below the U.S. average, led by average housing costs remarkably 38% lower than the national average.
HEADQUARTERED TENANTS WITH GLOBAL OPERATIONS
66% of the Property is home to AutoMAK (38% of RSF), the U.S. headquarters of The MAK Group, and Innovated Manufacturing (28% of RSF), which operates its corporate headquarters at this location. AutoMAK specializes in designing and manufacturing precision tools, framing systems, and installation machinery used in wall assembly and construction applications. The MAK Group operates internationally with offices in Ireland, Canada, and other global markets, and has maintained over 40 years of continuous operations. Innovated Manufacturing has established a long-standing industry presence, partnering with trusted suppliers and clients to deliver innovative, high-quality manufacturing solutions.
DYNAMIC SUBMARKET + CONNECTIVITY
The Property is a newly constructed Class-A industrial facility positioned within one of Northwest Indiana’s most active corridors, Merrillville. Serving as the economic center of Lake County, Merrillville is supported by a diversi?ed base of logistics, manufacturing, healthcare, and retail employment. The town recorded over $190 million in new construction activity and issued more than 1,800 building permits in 2023, underscoring sustained investment and development across multiple sectors. The U.S. 30 corridor, anchored by national retailers, restaurants, and hospitality users, continues to serve as a primary retail and employment artery for the region. The combination of a stable labor force, active infrastructure investment, and municipal incentive programs supports continued commercial growth and long-term tenant retention across asset classes.
The Property is located within the Lake County industrial submarket, a 46.1-million-square-foot cluster that maintains a 95.8% occupancy rate, evidence of sustained tenant demand and virtually no new shallow bay industrial supply. Over the past decade, industrial rents in the submarket have surged 64.57%, reflecting strong economic fundamentals and continued upward pressure on pricing. With zero vacancies in Class A buildings with spaces ranging from 5,000 to 30,000 square feet, the competitive landscape is effectively nonexistent, enabling the Property to benefit from exceptional back?ll certainty, strong tenant velocity, and meaningful rental growth potential.
STRONG TENANT CLUSTER WITHIN ESTABLISHED LOGISTICS CORRIDOR
Located within the AmeriPlex at the Crossroads Business Park in Merrillville, Indiana, the surrounding area has emerged as a premier destination for logistics, manufacturing, and distribution users serving the greater Chicago metropolitan region. The park is home to a strong lineup of national and global tenants including Amazon, Domino’s, Red Bull Distribution Company, Dawn Foods, and NFI Industries, each leveraging the park’s modern infrastructure and direct access to Interstate 65 and Interstate 90/94, Merrillville offers exceptional regional connectivity to Chicago and surrounding Midwest markets. This concentration of best-in-class operators underscores the depth of tenant demand within the Northwest Indiana industrial corridor, where long-term market stability, high occupancy, and strong absorption trends continue to attract institutional-quality users seeking efficient, high-performance space.
SIGNIFICANT TAX ADVANTAGE + ANNUAL RENT GROWTH
Positioned just east of the Illinois border, the Property benefits from Indiana real estate taxes that are significantly lower than those of bordering Cook County and Illinois as a whole. In addition, ownership has secured further tax relief through a City of Merrillville tax reduction program through 2034. The abatement begins at a 100% reduction in Year 1 and phases down on average 10–15% annually over the remaining term. All the tenants at the Property operate under net lease structures, mitigating future expense growth, and passing through common area maintenance, insurance, real estate taxes, and management expenses. The investor will also benefit from scheduled 2.0-3.0% annual rent escalations for all tenants, enhancing long-term investor returns.
18 MONTH LEASE-UP + CLASS-A BUILD + LOW TURNOVER COSTS
The Property was completed in May 2024 and achieved full lease-up within an impressive 18-month period, underscoring the limited supply of comparable industrial product in the broader market. It offers exceptional construction quality, including 20’ clear heights, 45’ x 50’ column spacing, 4 dock-high doors, and 4 drive-in doors. The three units average just under 17,000 square feet, and the efficient suite sizes, combined with minimal office buildout and existing utility infrastructure, position the building for low to no tenant improvement turnover costs. Additionally, the Property’s design allows tenants to add dock-high doors as needed, providing future flexibility and supporting long-term functionality.
INVESTMENT GRADE TENANT SUBSIDIARY
34% of the Investment is occupied by Snyder’s-Lance, Inc., a wholly owned subsidiary of Campbell Soup Company (NYSE: CPB), a global consumer packaged goods leader with more than 150 years of operational history and a diversified portfolio of category-leading brands. Campbell Soup Company maintains an investment-grade credit rating (S&P: BBB-) and a market capitalization of approximately $9.36 billion, underscoring its ?nancial strength and stability within the public markets. Snyder’s-Lance serves as a key component of Campbell’s global snacking and distribution platform, supported by substantial corporate resources, national brand recognition, and multi-channel retail penetration.
PRO-BUSINESS INDIANA CLIMATE
Indiana ranks #1 (Best) in the Midwest and #6 (Best) in the nation by Chief Executive Magazine’s Best/Worst States national CEO survey, and Indiana companies enjoy some of the lowest business costs in the country. In Indiana, corporate state income tax, worker’s compensation, and unemployment costs are all 30% lower than those of Illinois. Indiana offers workers an overall cost of 18% below the U.S. average, led by average housing costs remarkably 38% lower than the national average.
HEADQUARTERED TENANTS WITH GLOBAL OPERATIONS
66% of the Property is home to AutoMAK (38% of RSF), the U.S. headquarters of The MAK Group, and Innovated Manufacturing (28% of RSF), which operates its corporate headquarters at this location. AutoMAK specializes in designing and manufacturing precision tools, framing systems, and installation machinery used in wall assembly and construction applications. The MAK Group operates internationally with offices in Ireland, Canada, and other global markets, and has maintained over 40 years of continuous operations. Innovated Manufacturing has established a long-standing industry presence, partnering with trusted suppliers and clients to deliver innovative, high-quality manufacturing solutions.
DYNAMIC SUBMARKET + CONNECTIVITY
The Property is a newly constructed Class-A industrial facility positioned within one of Northwest Indiana’s most active corridors, Merrillville. Serving as the economic center of Lake County, Merrillville is supported by a diversi?ed base of logistics, manufacturing, healthcare, and retail employment. The town recorded over $190 million in new construction activity and issued more than 1,800 building permits in 2023, underscoring sustained investment and development across multiple sectors. The U.S. 30 corridor, anchored by national retailers, restaurants, and hospitality users, continues to serve as a primary retail and employment artery for the region. The combination of a stable labor force, active infrastructure investment, and municipal incentive programs supports continued commercial growth and long-term tenant retention across asset classes.
Property Facts
Property Taxes
| Parcel Number | 45-12-34-126-006.000-030 | Improvements Assessment | $8,185,358 CAD |
| Land Assessment | $1,365,663 CAD | Total Assessment | $9,551,021 CAD |
Property Taxes
Parcel Number
45-12-34-126-006.000-030
Land Assessment
$1,365,663 CAD
Improvements Assessment
$8,185,358 CAD
Total Assessment
$9,551,021 CAD
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