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New Illiana building in Whiting hits market for $9.5 million

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New Illiana building in Whiting hits market for $9.5 million

The Illiana in Whiting is shown.

The newly constructed Illiana mid-rise building near downtown Whiting is hitting the market for $9.5 million.

Kiser Group has listed the property at 1200 119th St. that South Bend-based Holladay Properties built in 2020. The multiuse building includes commercial space occupied by Notre Dame Credit Union and 32 apartments, some used as student housing for the nearby Calumet College of St. Joseph.

“It is rare for an investor to be able to acquire new construction in Northwest Indiana,” said adviser Ron Plonis, who's representing the property along with Jeff Leibovich and Kyle Sissell. “The Illiana is one of two new construction buildings in Whiting.”

The five-story building is located at the site of the former Illiana Hotel in Whiting, right by Hammond's Robertsdale neighborhood.

The property features 3,696 square-feet of commercial space that's leased through 2030 and two-bathroom apartments with amenities like granite countertops, nine-foot ceilings and private balconies.

“Since lease-up, this property has experienced strong demand from the area’s renters and has high occupancy due to the desirable layouts, lack of new apartment offerings in the area, and proximity to Chicago,” said Leibovich. “With the South Shore West Lake expansion of the train line continuing into Indiana, there will continue to be increased demand for quality rental units just over the Chicago/Indiana border.”

Chicago-based Kiser Group specializes in mixed-use and multi-family properties in the Chicagoland area, such as the 41,000-square-foot Illiana.

“With property taxes on the rise in Chicago and throughout Illinois, Indiana continues to look more and more appealing for investors,” said Kyle Sissell. “The Illiana also has a long-term tax abatement in place to further benefit new ownership.”

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.

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