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407 NORTH PENNSYLVANIA STREET DOWNTOWN INDIANAPOLIS, in Salesforce Tower

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407 NORTH PENNSYLVANIA STREET DOWNTOWN INDIANAPOLIS, in Salesforce Tower 407 NORTH PENNSYLVANIA STREET DOWNTOWN INDIANAPOLIS, IN Salesforce Tower 300 N Meridian Regions Tower Federal Building Table of Contents Executive Summary .....................................................1 Area Overview................................................................7 Apartment Market ........................................................9 Office Market ................................................................. 11 Zoning & Ordinance ................................................... 13 Selected Demographics ........................................... 14 CONFIDENTIALITY STATEMENT This Offering Memorandum (OM) was prepared by Cushman & Wakefield (Broker) and has been reviewed by the Owner. The OM is confidential, furnished solely for the purpose of considering the acquisition of the Property described herein, and is not to be used for any other purpose or made available to any other person without the express written consent of Broker. An opportunity to inspect the Property will be made available to qualified prospective purchasers. The information contained herein has been obtained from sources deemed reliable, and we have no reason to doubt its accuracy. However, no warranty or representation, expressed or implied, is made by the Owner or Broker or any related entity as to the accuracy or completeness of the information contained herein, including but not limited to financial information and projections, and any engineering and environmental information. Prospective purchasers should make their own investigations, projections, and conclusions. It is expected that prospective purchasers will conduct their own independent due diligence concerning the Property, including such engineering inspections as they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used in the construction or maintenance of the building(s) or located at the land site, including but not limited to lead-based products (for compliance with “Target Housing” regulation for multifamily housing constructed prior to 1978), asbestos, etc. The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any party at any time with or without notice. The Owner shall have no legal commitment or obligation to any purchaser unless a written agreement for the purchase of the Property has been delivered, approved, and fully executed by the Owner, and any conditions to the Owner’s obligations thereunder have been satisfied or waived. Broker is not authorized to make any representations or agreements on behalf of the Owner. Broker represents the Owner in this transaction and makes no representations, expressed or implied, as to the foregoing matters. The depiction of any persons, entities, signs, logos, or properties (other than Broker’s client and the Property) is incidental only and not intended to connote any affiliation, connection, association, sponsorship, or approval by or between that which is incidentally depicted and Broker or its client. This OM is the property of Cushman & Wakefield and may be used only by parties approved in writing by Broker. The information is privately offered and, by accepting this OM, the party in possession hereon agrees (i) to return it to Cushman & Wakefield immediately upon request of Broker or the Owner and (ii) that this OM and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this OM may be copied or otherwise reproduced and/or disclosed to anyone without the written authorization of Broker and Owner. The terms and conditions set forth above apply to this OM in its entirety. EXECUTIVE SUMMARY Cushman & Wakefield is pleased to present the exclusive listing of a large parcel with multi-family, oce or mixed-use development potential in close proximity to all major oce towers and the popular Mass Avenue corridor in downtown Indianapolis. This is arguably the finest site positioned for development in the entire CBD. Bids Due: Friday, June 16, 2017 PROPERTY SUMMARY Address 407 North Pennsylvania Street 408 North Delaware Street Indianapolis, IN 46204 Site Size 60,000 SF+/- 175-space surface parking lot with Improvements landscaping May 2015 - April 2018 Annual guaranteed rent + overage rent Lease Abstract (Leased to 3rd party With sale-30 day termination w/ written parking operator) notice. Owner pays RE taxes + storm water (pay 2016 = $25,601.58 + $96.60) CBD3 RC (Regional Center) Zoning Variance for parking lot 2006VAR833 1 | OFFERING MEMORANDUM SCOTT POLLOM, CCIM Director Captal Markets 317 639 0403 [email protected] OFFERING MEMORANDUM | 2 EXECUTIVE SUMMARY 60,000± Square Feet - Paved parking operation with excellent views to Meridian St. corridor, downtown skylines and Memorial Plaza. Location Summary N • NE Corner of Pennsylvania & Vermont Streets extending to Delaware Street • Currently improved and operated for surface parking. Total spaces - 175 ± • Zoned: CBD-3, Regional Center N Meridian High Visibility Frontage on Pennsylvania Street 202’ N Pennsylvania Frontage on Vermont Street 194.6’ Frontage on Delaware Street 100.8’ E Vermont O ce Buidlings in Immediate Vicinity • 300 North Meridian Tower • Regions Tower • Salesforce Tower • Federal Building Courthouse Amenities Within Walking Distance • One America Tower • Indiana War Memorial Plaza • Mass Ave Historic District • Veterans Memorial Park • Old National Centre • Lockerbie Market Place • Indianapolis Public Library • City Market • Countless Restaurants • Monument Circle • CVS & Walgreens • Sheraton City Centre Hotel • Indianapolis Athletic Club • Marsh Groceries • Columbia Club OFFERING MEMORANDUM | 3 EXECUTIVE SUMMARY Mass Ave Historic District 01 Eagle Bar & Grill N 02 Bazbeaux Pizza 03 Ball & Biscuit 04 MacNiven’s 18 Restaurant & Bar 05 Louie’s Wine Dive 06 Bakersfield 17 07 Marsh Supermarket 15 16 08 Old Point Tavern 14 23 11 13 09 The Flying Cupcake 12 10 9 Shiraz Wine Experience and 10 Art Café 08 11 Chatterbox Jazz Club 12 Starbucks 07 13 Bru Burger Bar 06 24 05 01 04 14 Subway 03 19 15 Hoaglin To Go 22 02 16 The Rathskeller 17 Ka°eine Co°ee Co± 18 Nine Irish Brothers 19 The Tap 20 21 20 India Garden 21 BARcelona Tapas Restaurant 22 Wild Eggs Sub Zero Ice Cream 23 & Yogurt Pulliam Square (partially 24 finished) OFFERING MEMORANDUM | 4 EXECUTIVE SUMMARY HIGHLIGHTS 1 Thriving Central Indiana Economy Leads the Midwest in Job Growth 2 Steady Rent Growth in Indy’s Urban Core Arguably the Best Development Site in the 3 Indianapolis CBD Location Will Demand Top-of-Market 4 Rents in Indy’s Most Popular Submarket Current Parking Income Helps Support Carrying Cost Until 5 Development Starts 5 | OFFERING MEMORANDUM EXECUTIVE SUMMARY OFFERING MEMORANDUM | 6 OFFERING MEMORANDUM VIERA WILDEWOOD | FINANCIALAREA OVERVIEW ANALYSIS INDIANAPOLIS, INDIANA BY THE NUMBERS MSA Population - 2015 939,020 Total Employment (Nov15) 449,216 Unemployment Rate (Jun16) 4.6% Key Industries: State Government, Healthcare, Education, Military Primary Growth Sectors: Education, Distribution AWARDS AND ACCOLADES • #1 Cost of Doing Business, CNBC • Best Places for Business and Careers, Forbes (2015) • #5 Best State for Property Tax, Tax Foundation (2016) • #8 Best State for Tax Index, Tax Foundation (2016) • #8 Best State Business, Forbes (2015) • #9 America’s most a ordable cities, Forbes (2015) • Indiana is one of only 15 states earning a AAA credit rating from all three agencies, (S&P, Fitch and Moody’s) 7 | OFFERING MEMORANDUM AREA OVERVIEW INDIANA Indiana methodically created a business environment where conditions promote success. Whether it’s minimizing operating expenses or delivering the workforce training and infrastructure required for a company to grow, Indiana is one of the most business-friendly states in America. INDIANAPOLIS LOCATION, LOCATION, LOCATION • Known as the Crossroads of America, more interstate highways, including I-65, I-69, I-70 and I-74, converge in Indianapolis than any other city in the United States. • Indianapolis is the most centrally located city in the United States; 50% of all U.S. businesses and 80% of the U.S. and Canadian populations can be reached within a one day’s drive from the Indianapolis region. • The Hoosier state ranks in the top 10 in 46 logistics categories. Indiana gets high marks for transportation, infrastructure, cargo movement, employment and number of companies in all modes of freight transportation—truck, rail, air and water. Indianapolis is home to the second-largest FedEx hub in the world. • A new intermodal facility opened in 2013 in downtown Indianapolis allowing cargo to travel from Asia to Indiana nonstop. This facility is expected to reduce supply chains by as much as one full week—having a rail route that bypasses Chicago means a container of goods could make it from Asia to Indy in as little as 20 days. • Indiana is the Best State for Business in the Midwest and #6 in the nation. (Chief Executive Magazine, 2015) • Indiana is #8 on the list of Best States for Business. (Forbes, 2015) • Indianapolis is #9 on the list of America’s Most Aordable Cities. (Forbes, 2015) • Indiana is #1 in the Midwest and #7 in the nation in the Top States for Doing Business Survey. (Area Development Magazine, 2014) • Indiana o°ers the Best Business Tax Climate in the Midwest and is #8 in the nation. (Tax Foundation, 2014) • Indiana has the overall Best Business
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