Dear Investors and Partners,
We expect to close the Naperville acquisition in September. We passed on Louisville because the leasing risk was too high, and we are under LOI to buy two adjacent retail properties one building away from our existing Merrillville location.
At the existing portfolio, one tenant is moving into expanded space, we are meeting with prospects for both flex vacancies, and the office building reached 60% occupancy.
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Deals Under Contract or LOI
Naperville, Illinois. We expect to close in September on the fully occupied 15,424 SF neighborhood retail center.
Louisville, Kentucky. We passed on the shopping center because traffic counts were low, the large-box spaces were too deep to divide efficiently, and the tenant rollover history was weak.
Merrillville, Indiana. We are under LOI to buy two adjacent retail properties one building away from the one we already own.
Retail Building (7970 Broadway, Merrillville, IN), 29,771 SF
The larger suite is complete, and an existing tenant is moving in. That move gives us a 671 SF vacancy.
The smaller suite was hard to show while it was occupied, but we have a showing scheduled for Tuesday and are getting consistent interest.
The building remains 98% leased.
Completed tenant expansion and current move-in.
Flex Building (375 W 84th Dr, Merrillville, IN), 31,564 SF
For the 9,417 SF front block, a tenant sent us a counterproposal on a 10-year lease. We are meeting with them next week.
Ivan is also flying to Merrillville to meet with a potential tenant for the 7,394 SF rear block. While there, we will also walk an approximately 36,000 SF property we could buy for their planned consolidation and expansion.
Remaining vacant blocks: 9,417 RSF along the front and 7,394 SF at the rear.
Office Building (8903-8939 Broadway, Merrillville, IN), 18,319 SF
The office building reached 60% occupancy after we signed a lease for another suite.
We split the former 4,659 SF vacancy into a 2,365 SF suite and 2,294 SF of remaining space. The first should be finished in early September, and we may divide the rest into two smaller units. Two potential tenants are interested.
We are also preparing to refresh the 2,671 SF suite being vacated and have already started marketing it.
Construction in progress at the 2,365 SF suite.
Invest With Us
If we already know each other, text Alex or Ivan if you would like to invest.
If we have not met, reply to this email. We would be glad to meet, explain what we are seeing, and walk through how we evaluate new opportunities.
Ivan & Alex
Principals
Columbia Creek Development, LLC