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Institutional Property Advisors Closes Industrial Asset Sale in Indiana

December 01, 2022

ELKHART, Ind., Dec. 6, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of an 801,218-square-foot build-to-suit industrial asset in Elkhart, Indiana.

“The property is a newly constructed distribution facility on a long-term lease with a leading recreational vehicle (RV) industry tenant,” said Peter Bauman, IPA senior director. Bauman and IPA’s Tivon Moffitt, in conjunction with Marcus & Millichap’s Joseph DiSalvo, Forest Bender and Alexander Nulf represented the seller and procured the buyer. “Located in the global epicenter of the RV manufacturing market, this single-tenant triple-net-leased asset provides the buyer with secure cash flow and attractive yields,” added Bauman. “Over 1,000 new RVs leave Indiana factories each workday and RVs manufactured in Elkhart account for 80% of production worldwide.” “This sale was a complex transaction that involved creativity amongst all parties, and we wish to congratulate all involved,” said Moffitt.

The property is located along Interstate 80/90, which, along with Interstate 94, links to Routes 12, 20, 30, and 31. Main railroad lines for CSX, Norfolk Southern and Canadian National cross the area and numerous branch rail lines link local companies to the nation’s railroad network. The Port of Indiana at Burns Harbor provides a route throughout the Great Lakes and to the Atlantic Ocean via the St. Lawrence Seaway. Amazon and KibbeChem Inc. have new build-to-suit industrial projects adjacent to the property and Grand Design RV Co. has four new manufacturing and support plants nearby.

Opened in October 2022, the asset includes a showroom and office, warehouse, and distribution space. The building has 30 feet of clear height, 56 dock high doors, a 194-foot truck court, and seven drive-in overhead doors. Josh Caruana, first vice president and district manager, is Marcus & Millichap’s broker of record in Indiana.


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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit

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