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MUNSTER, IN-Strack & Van Til, a grocery store chain, will move into a 131,434-sf leased space on March 1 at the industrial building at 101 45th Ave., which was recently sold by CenterPoint Properties to Becknell Development LLC. The company bought the 12-year-old, 350,133-sf building as an investment, says an official with the firm.

The building was 100% vacant at the time of the purchase, says Gerald F. Sullivan, a principal with Paine/Wetzel-Oncor International. Sullivan and principal Edward C. Wabick represented CenterPoint in the sale, and brought in the grocer as a distribution tenant. Becknell brought in a 130,000-sf tenant right after the sale, leaving the property more than 25% vacant, Sullivan says.

Strack leased space at the property as a relocation and expansion of operations already in Munster, Sullivan says. He would not name the purchase price or the exact lease rates, but says the average lease rate in the area is about $3 per sf, net.

The building has a 27-foot, 7-inch clear height, close access to I-80 and I-394, 8,000 sf of office space, 48 exterior docks, heavy power and parking for 100 trailers. "The building is a little bit larger than most of the tenants. Most tenants come in at around 150,000 sf. Overall, the building is doing pretty good given the market," Sullivan tells GlobeSt.com. Cindy Bischof and Chris Gary with Darwin Realty represented Becknell in the sale and lease.

Instant Insights /

Empty 350,133-SF Building Sells, Gains Tenants

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