Latitude Commercial Client Purchases Retail Center

as Part of a 1031 Exchange

 

Niles, MI | June 2020 | As part of a 1031 Exchange following the sale of Sibley Shoppes in Hammond, IN, a long-time Latitude Commercial client, Sibley Real Estate Ventures LLC, has purchased 24,375 square foot retail center in Niles, MI consisting of ten tenants and a 95% occupancy rate. The retail center is called Lighthouse Plaza and the property closed on March 25, 2020.

Latitude Commercial will be providing full-service property management for this site. When asked about the challenge of managing the property from nearly 80 miles away, Ryne Pishkur, Director of Property Management for Latitude Commercial said, “This opportunity is certainly unique compared to managing something in our own backyard. We will still be conducting regular site inspections but we need to do a very good job of maintaining open and frequent communication with the tenants and vendors. The former property owner was also very helpful in providing great information that made for a smooth transition to ownership by our client.”

Latitude Commercial provides commercial real estate services such as purchasing, leasing, tenant representation, and property management throughout Northwest Indiana and the Chicago Suburbs. To find out how we can help you find a new home for your business, call us today at (219) 864-0200.