DYER, IN—Many investors have shied away from pouring their money into the northwest corner of Indiana. The area hugging the Lake Michigan has aging steel mills and towns that struggle with urban problems like disinvestment and crime. South of the lake, however, the region more resembles the rest of suburban Chicago, and some investors are picking up good deals.
Phillips Edison, for example, has just purchased the Dyer Town Center from Shiner Properties for $18.5 million. The 95,083-square-foot center, located at 801-907 U.S. Highway 30 in Dyer, is relatively new. It was developed in 2004 and is anchored by Jewel-Osco, a Chicago-based grocer, and also includes several national tenants such as Starbucks, Sherwin Williams and a UPS Store.
“The property's location in northwestern Indiana was off the radar of most investors,” says Janice Sellis, director of capital markets with Transwestern, who, along with Paul Barile, Transwestern director, represented Shiner in the transaction. “Although the area is still considered the Chicago metro, many buyers were unfamiliar with Indiana and its unique advantages. Dyer Town Center is strategically located less than a mile from the Illinois border, yet it reaps the benefits of Indiana's lower property and sales tax.”
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