Dear Investors and Partners,
We paid preferred returns to investors this month. In Merrillville, we signed the last retail lease, completed an office suite renovation, and continued negotiating leases for the flex building.
The Naperville acquisition has moved to October. We have also finalized the PSA for two nearby Merrillville retail properties and plan to circulate it on October 1.
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Deals Under Contract or LOI
Naperville, Illinois. The acquisition of the 15,424 SF neighborhood retail center has been pushed to October.
Merrillville, Indiana. We are under LOI to buy two adjacent retail properties one building away from our existing location. The PSA is finalized and will circulate on October 1. Ivan plans to fly out next week to interview tenants.
Retail Building (7970 Broadway, Merrillville, IN), 29,771 SF
We signed a lease for the last unit. The building is now 100% leased.
The final retail vacancy is filled.
Flex Building (375 W 84th Dr, Merrillville, IN), 31,564 SF
We are working on the contract for a 10-year lease for the 9,417 SF front block.
For the 7,394 SF rear block, we received a preliminary floor plan from another prospective tenant, issued an LOI, and received their initial feedback.
Front and rear blocks under discussion with prospective tenants.
Office Building (8903-8939 Broadway, Merrillville, IN), 18,460 SF
The 2,506 SF suite is finished, and we are finalizing a five-year lease with a tenant. The second, 2,294 SF suite is scheduled for completion in mid-October.
The refresh of the 2,671 SF suite is complete, and we are negotiating with prospective tenants.
Hallway in the completed 2,506 SF office 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