Westlake Shoppes
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Westlake Shoppes A n 8 , 2 5 0 - Square Foot Retail Strip Center Outparceled to a Lowe’s and Walmart Neighborhood Market in Indianapolis, Indiana THE KLINK GROUP of Marcus & Millichap OFFERING MEMORANDUM CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. PRESENTED BY TABLE OF CONTENTS THE KLINK GROUP of Marcus & Millichap SECTION I. PROPERTY OVERVIEW Investment Overview Investment Highlights Jordan Klink Aerials INDIANAPOLIS OFFICE First Vice President SECTION II. LOCATION OVERVIEW [email protected] About Speedway, Indiana P (317) 218-5316 Regional Map About Speedway, IN Aerials Nicholas Weaver SECTION III. FINANCIAL OVERVIEW Senior Associate Financial Summary New Loan Acquisition Terms David Klink Annualized Income and Expenses Associate Rent Roll SECTION IV. MARKET OVERVIEW Benjamin Sullivan Associate Demographics Jason Dean Director of Finance Richard Niewiadomski Financial Analyst Actual Subject Property PROPERTY OVERVIEW Executive Summary Investment Overview Offering Summary The Klink Group of Marcus & Millichap is pleased to present for sale Westlake 835 Beachway Drive Shoppes, an 8,250-square foot retail strip center located in Indianapolis, Indiana. Address The property is located on an outlot to a Lowe’s Home Improvement store and a Indianapolis, IN 46224 Walmart Neighborhood Market and is directly off Interstate 465, Indianapolis’ Price $955,000 beltway with traffic counts exceeding 140,000 vehicles-per-day. Net Operating Income $76,362 The subject property has a very established tenant roster with Peking Restaurant Cap Rate 8.00% (16+ years of occupancy history), Penn Station (12+ years of occupancy history), Gross Leasable Area 8,250 SF & Leslie’s Pool Supplies (8+ years of occupancy history). Both, Peking Restaurant & Penn Station, just recently renewed their leases further extending their Year Built 2000 respective firm-term leases. Lot Size 0.96 Acres Built in 2000, Westlake Shoppes sits on approximately 0.96 acres along 10th Zoning Commercial Street of Interstate 465; which combined experience over 187,000 vehicles-per- day. The property is located right at the Town of Speedway’s boundary line and is positioned two miles from the Indianapolis Motor Speedway, which hosts the Investment Highlights annual Indianapolis 500 and attracts over one million race fans each year. • 100% Occupied, Four-Tenant Retail Strip Center Located near the Additionally, the Town of Speedway has undergone a huge revitalization over the Town of Speedway, which hosts the annual Indianapolis 500 (“The last few years. New development projects, upgraded infrastructure and a high Greatest Spectacle in Racing”) annual attendance of various racing events throughout the year has created a • 12% Leveraged Cash-on-Cash Return on Current In-Place Income new, modern and urbanized racing mecca for permanent residents, race fans With Available Debt Financing Options and employment leaders of the automobile racing and engineering industry in the immediate vicinity. • Outlot to Lowe’s Home Improvement & Walmart Neighborhood Market – Long Term Historical Tenant Occupancy Westlake Shoppes is one hundred percent occupied by Leslie’s Pool Supplies, Penn Station East Coast Subs, Peking Restaurant and Fade to Win Barbershop. • Adjacent to Interstate 465, the Main “Loop” that encompasses Indianapolis and Surrounding Suburbs and Experiences 140,000+ The average rental rate of $12.39 per square foot annually is competitive with Vehicles-Per-Day the immediately surrounding area and should provide an incoming investor with sustainable income with the potential for future rental growth & appreciation • Located Along 10th Street, a Main East and West Thoroughfare potential. that Leads Directly into Downtown Indianapolis This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2019 Marcus & Millichap. All rights reserved. ACT ID: ZAA0260602 Location Overview Walgreens Downtown Indianapolis Downtown Indianapolis Subject Property Subject Property (Approx. 149,345 VPD) Location Overview Boardwalk at Westlake Apartments 10 th Street (Approx. 35,127 VPD) This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2019 Marcus & Millichap. All rights reserved. ACT ID: ZAA0260279 Actual Subject Property LOCATION OVERVIEW Location Overview About Speedway, Indiana Regional Map Speedway is a town on Indy's west side best known as the home of the Indianapolis Motor Speedway. With a growing downtown, the city is becoming a destination for much more than racing. Originally a planned community for the numerous surrounding industrial plants, Speedway has transformed into a town of permanent residents and is filled with art, history, shops and new developments. The Town of Speedway is a “must see” destination for any Indianapolis visitor and hosts over one million race fans every Memorial Day weekend from all over the world for the Indianapolis 500. Major Employers Industry Headquarters (Automotive) Allison Transmission Parts Speedway, IN Praxair Surface Technologies Engineering Speedway, IN Dallara, Inc. Engineering Varano, Italy OMR Automotive Production Brescia, Italy IndyCar, LLC Racing Speedway, IN This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2019 Marcus & Millichap. All rights reserved. ACT ID: ZAA0260602 Location Overview Speedway, Indiana, the “Racing Capital of the World”, is like no other place in the Midwest. In fact, it’s like no other place in the world. Speedway is a Town within a city, a local treasure with an international reputation. The town of Speedway is a close-knit community of approximately 12,000 permanent residents that hosts over 1 million visitors every year for the world-famous ”Indy 500”. Speedway is a great place to be whether you’re looking to invest in, live in or visit our community. “Main Street”, the main road through town, has been re-imagined and revitalized with new developments offering a unique dining, shopping and entertainment experience for locals and annual visitors. In addition to being known as the “Racing Capital of the World®,” the Town of Speedway offers a surprising array of international connections. Its diverse population brings a multi-cultural flair to the community, enhanced by its location within the City of Indianapolis. It is home to several major employers doing business worldwide. The The Town is also proud to offer one of the highest rated public school districts in the state and offers its students an active and engaged cultural exchange program through the Speedway Student Exchange Program with its two sister cities, Varano de’ Melegari, Italy, and Motegi, Japan. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2019 Marcus & Millichap. All rights reserved. ACT ID: ZAA0260602 Location