NAI Hiffman represents Weiss Entities in 8-acre land sale in Northwest Indiana
VALPARAISO, INDIANA (March 23, 2016) – NAI Hiffman represented Weiss Entities, LLC in the sale of 8 acres of land to Garmong Construction Services in Valparaiso, Indiana. The land sale is located within Weiss Entities’ Class A, mixed-use development, The Lakes of Valparaiso. The Lakes of Valparaiso—upon full development—will include up to 800,000 square feet of modern industrial, office, and retail development and over 400 apartments. The apartment component of the project is underway with a number of apartments already leased.
With the acquisition of the 8-acres within the park, Garmong plans to design, construct and provide the financial capital necessary to develop an 80,000-square-foot spec industrial facility on the site; The City of Valparaiso Redevelopment Commission’s has been an excellent partner in providing development incentives to help facilitate an excellent plan for all parties involved. Construction will begin this quarter and is projected to be completed by the end of 2016.
The Lakes of Valparaiso’s premier location provides excellent and immediate access to the local, regional, and national interstate highway system. The City of Valparaiso recently announced a fiber loop providing dark fiber connectivity that would be extended adjacent to the park along SR 49 and will provide connectivity to The Lakes of Valparaiso; redundant fiber capacity is also available from Frontier from the south. Given the existing transportation and fiber infrastructure, The Lakes of Valparaiso is a unique opportunity in high demand among both local and corporate users, as evidenced by ongoing discussions with a number of companies seeking to potentially relocate within the development. The major thoroughfare providing north and south access through the park is now fully operational and all utilities have been delivered to the site. The park’s roads and infrastructure are complete and ready to accommodate office, industrial and retail development, with several city incentives available.
Kelly Disser, Executive Vice President, and Chris Gary, Senior Vice President, with NAI Hiffman’s Industrial Services group, represented Weiss Entities in the land sale. In the event that more square footage is needed by a prospective tenant, the shell building can be expanded. Weiss Entities has also retained substantial additional acreage within The Lakes of Valparaiso to deliver industrial and office build-to-suit projects ranging from 50,000 to 500,000 square feet.
“Kelly and Chris with NAI Hiffman were critical in identifying and securing Garmong as a purchaser of land and developer to construct the building that will kick off the industrial sector of The Lakes Corporate Park. We couldn’t be happier with our experience working with them,” said Don Weiss, Principle/President with Weiss Entities. “This additional activity within the park will continue our momentum and we look forward to the future and successful development of The Lakes.”
Located within The Lakes of Valparaiso along Route 49, the location offers a dense labor base, multiple access points, favorable property and inventory rates and a central position to take advantage of existing and future regional infrastructure, making it Northwest Indiana’s premier development opportunity.
The upscale 80,000-square-foot shell building will be constructed out of pre-cast concrete, with 32’ clear ceiling height, and will incorporate numerous flexibilities to accommodate not only a high-performing company from a wide variety of industries, but will allow the building to accommodate a number of different business models. Garmong’s commitment to the City of Valparaiso is to afford prospects the ability to begin to place equipment within the structure within 90 to 120 days of an executed acquisition agreement.
“Because of the many business and quality of life assets Northwest Indiana has to offer our prospects, we are pleased to take a leading position in the attraction of high quality long term corporate investments for our clients by offing a very well designed and constructed, flexible shell space, incorporating a very unique and beneficial building size. We are confident this will be a well-received project that will attract a company to create great career employment opportunities to the benefit of local tax payers,” said Dan Zuerner, Vice President/Director of Client Services with Garmong Construction Services.
For more information regarding the apartments within The Lakes of Valparaiso, please visit: http://lovthelife.com/.
About NAI Hiffman
Comprised of over 150 real estate professionals, NAI Hiffman provides leasing, management and investment sales representation for owners and occupiers of commercial real estate in the Chicago metro market. It currently leases and manages a 54+ million SF portfolio of over 600 commercial properties throughout metropolitan Chicago, Northwest Indiana and Southeast Wisconsin. NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property.