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OFFERING MEMORANDUM
550 & 644 E WASHINGTON STREET & 602 E COURT STREET // INDIANAPOLIS, IN 46204
CAMPUS AT WASHINGTON
+ ±4.82 acres Downtown Indianapolis
+ 76,130 square feet of office space in two buildings
FRIDAY, APRIL 7, 2017: Call for Offers are due by 5pm EST
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TABLE OF CONTENTS
RESOURCE Commercial Real Estate9339 Priority Way West Drive, Suite 120Indianapolis, Indiana 46240317.663.6000rcre.com
Accelerated Marketing Program Schedule 3
Confidentiality Agreement 4
Property Overview 5
550 E Washington St 10
644 E Washington St 17
602 E Court St 21
Surrounding Area 23
Demographics 26
Downtown Market Overview 27
Indianapolis City Overview 31
Sales Comps 36
Limiting Conditions 37
Resources 38
SAM SMITH CCIM, SIOR, SLCR, MCR.wPrincipal & ChairmanDirect 317.663.6565 Mobile [email protected]
JORDAN A SEABROOKAssociateDirect 317.663.6536 Mobile [email protected]
JOSHUA ABRAMSAssociateDirect 317.663.6541 Mobile [email protected]
THE TEAM
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ACCELERATED MARKETING PROGRAM SCHEDULEIn order to receive more information on the property, a Confidentiality Agreement must be signed (next page) and returned via email to [email protected].
Once the Confidentiality Agreement has been signed, unique temporary access to Campus at Washington DealVault will be granted, containing comprehensive property and due diligence information.
Important Dates:
FRIDAY, APRIL 7, 2017: Call for Offers are due by 5pm EST
FRIDAY, APRIL 21, 2017: Target buyer selection date
MONDAY, JUNE 5, 2017: Target closing date
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CONFIDENTIALITY AGREEMENTPROPERTY: 550 & 644 E Washington Street & 602 E Court Street // Indianapolis, IN 46204
This CONFIDENTIALITY AGREEMENT (“Agreement”) regarding the Property is made and agreed to by the exclusive listing broker for the Property, RESOURCE Commercial Real Estate, LLC (“Broker”), __________________________ (“Purchaser”) and _____________________________ (“Purchaser’s Broker”).
The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of Broker’s listing agreement with the owner of the Property (the “Owner”). Purchaser and Purchaser’s Broker have requested information from Broker for the purpose of evaluating a possible acquisition of the Property. Owner has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers and their brokers who sign this Agreement.
In consideration of the covenants and agreements contained herein, the parties hereby agree as follows:
1. Purchaser and Purchaser’s Broker will not disclose, permit the disclosure of, release, disseminate, or transfer any information obtained hereunder (the “Information”) to any other person or entity.
2. If Purchaser and Purchaser’s Broker is a corporation, partnership, limited liability company, or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have need to know of the Information and who are specifically aware of this Agreement and agree to honor it.
3. This Agreement applies to all of the Information received from Broker, now or in the future, which is not readily available to the general public. Purchaser and Purchaser’s Broker understand that all of the Information shall be deemed confidential, valuable, and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker.
4. All of the Information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time or in any manner be used for any other purpose.
5. Regarding the Property, Purchaser and Purchaser’s Broker shall not, without Broker’s or Owner’s written permission, directly contact any persons other than Broker. Such persons include, without limitation, Owner’s employees, suppliers, and tenants.
6. Purchaser and Purchaser’s Broker acknowledge that in conjunction with the purchase of the Property: (i) Purchaser is a principal and is not an agent working on behalf of any other party (except advisors working on behalf of their pension fund clients), and (ii) in the event that Purchaser is working with any other broker or agent other than Broker and Purchaser’s Broker, Purchaser will be solely responsible for paying such broker’s or agent’s fee.
7. Neither Broker nor Owner makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the Information received and Purchaser and Purchaser’s Broker expressly waive all rights of recourse against Broker and Owner with respect to the same.
8. The person(s) signing on behalf of Purchaser and on behalf of Purchaser’s Broker represent that they have the authority to bind Purchaser and Purchaser’s Broker.
9. Unless otherwise agreed to in writing, Broker is the agent of Owner only.
10. This Agreement shall be governed and construed in accordance with the laws of the State of Indiana.
If Purchaser and Purchaser’s Broker are in agreement with the foregoing, please sign below and email to Sam Smith at [email protected]. Broker may rely upon the signing of this Agreement as confirmation of Purchaser and Purchaser’s Broker acceptance of and agreement to be bound by the terms of this Agreement.
Hereby Agreed to and Accepted this ____ day of __________________, 2017.
PURCHASER:
By: Printed Name: Title: Address: City, State & Zip: Phone: E-mail:
PURCHASER’S BROKER:
By: Printed Name: Title: Address: City, State & Zip: Phone: E-mail:
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KEY POINTS
+ ±4.82 acres Downtown Indianapolis
+ 76,130 square feet of office space in two buildings
+ Great owner/user property and/or redevelopment opportunity
+ Unique HQ/School Campus purchase opportunity - can buy as a package (preferred) or potentially buy individual buildings/sites
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Indianapolis
SITE
CLICK FOR DRONE VIDEO
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PROPERTY OVERVIEW
PROPERTY 550 E Washington St 644 E Washington St 602 E Court St
LOT SIZE ±2.78 acres ±1.59 acres ±0.45 acre
BUILDING SIZE 49,470 SF 26,660 SF N/A (parking lot)
BUILDING TYPE Office Office and potential retail/industrial
N/A
PARKING SPACES 244 67 56
ZONING CBD2 CBD2 CBD2
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PROPERTY OVERVIEW
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E Washington St
E Court St
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ark
Ave
Eas
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644 E WASHINGTON STREET
550 E WASHINGTON STREET
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PROPERTY OVERVIEW
602 E COURT STREET
CLICK FOR DRONE VIDEO
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PROPERTY SITE PLAN
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550 E WASHINGTON ST DESCRIPTION550 E Washington St is located on ±2.78 acres. The 49,470 square foot, class B, office building is arranged over three floors with ample windows. Each floor is approximately 14,000 square feet. The original building was built in 1925 and was home to a Chevrolet dealership. The original pulley system to move cars from floor to floor still exists. Building was most recently updated in 2015-2016.
Located just east of downtown and 0.5 miles from Monument Circle, the property is a 21-minute drive to Indianapolis International Airport and a five-minute walk from the heart of downtown.
The building sits adjacent to a large 244 surface space parking lot. This lot may be used to add improvements. The parcel is the next property available in an eastward expansion of multifamily units, providing development opportunities in multifamily, retail, and/or hotel, (subject to city approvals).
FOR SALE OR LEASE
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550 E WASHINGTON ST PICTURES
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550 E WASHINGTON ST PICTURES
VIEW FROM ROOF
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SITE PLAN // 550 E WASHINGTON ST
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FIRST FLOOR // 550 E WASHINGTON STN
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SECOND FLOOR // 550 E WASHINGTON STN
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THIRD FLOOR // 550 E WASHINGTON STN
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644 E WASHINGTON ST DESCRIPTIONLocated on E Washington St between Park Avenue and College Avenue, this building is a mixed-use office and potential retail/industrial building. Located on ±1.59 acres, the 26,660 square foot, class B building includes a renovated front facade giving it strong curb appeal. Includes 67 surface parking spaces.
The property is located directly east of 550 E Washington St. Just 0.5 miles from Monument Circle, the property is a 21-minute drive to Indianapolis International Airport and a five-minute walk from the heart of downtown.
The parcel, along with 550 E Washington St is the next property available in an eastward expansion of multifamily units, providing development opportunities in multifamily, retail, and/or hotel, (subject to city approvals).
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644 E WASHINGTON ST PICTURES
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SITE PLAN // 644 E WASHINGTON ST
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FLOOR PLAN // 644 E WASHINGTON ST
RM102RM101 RM103
RM104
HRMKitchen CKitchen BKitchen A
Faculty
FA
Student Services
Student Lounge
Lobby Staff OfÞces
Break Room
Conference Room
Purchasing/Store Room
Hall Storage
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602 E COURT ST DESCRIPTIONThis ±0.45 acre parking lot is located just north of 644 E Washington Street. It has 56 parking spaces.
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SITE PLAN // 602 E COURT ST
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SURROUNDING AREA
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SURROUNDING AREA
Bankers LifeFieldhouse
TheAlexander
Anthem
La QuintaInn & Suites
Julia M. CarsonTransit Center
360 MarketSquare
292 Units
IndianapolisCity Market
Pulliam SquarePhase I & II479 Units & Retail
Axis400 Units
& Retail
The MaxwellApartments
105 Units
Angie’s List
Sun KingBrewing
HiltonIndianapolis
Hotel & Suites
HyattRegency Circle
CentreMall
OmniSeverin
Mass A
ve
American Legion Mall
IndianaConvention
Center
The ArtistryPhase I & II500 Units
MonumentCircle
Campus at Washington
<0.5 MILE // Monument Circle, Bankers Lifefield House, Circle Centre Mall, I-70
0.5-1 MILE // Indiana Convention Center, Victory Field, Mass Ave
1-2 MILES // Lucas Oil Stadium, American Legion Mall, IUPUI, White River Park, Indianapolis Zoo
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SURROUNDING AREA
Lucas OilStadium
VictoryField
Bankers LifeFieldhouse
MonumentCircle
CircleCentre Mall
IndianaState House
American Legion Mall
IndianaConvention Center
White RiverState Park
IndianapolisZoo
IUPUICampus
Indiana StateMuseum
Mass A
ve
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+ Quick access to I-70 and I-65, Monument Circle and Downtown Indianapolis civic and cultural landmarks, organizations, and events
+ In fast-growing eastern side of Downtown with nearby Angie’s list HQ, Cummins Regional HQ BTS, 360 Market Square (Flaherty & Collins new apartment project), new transportation center, new Pacers practice facility next to Bankers Life Fieldhouse, The Artistry I & II, and many other exciting developments planned
+ Within a 5 minute walk of nearly 100 restaurants, banks, fitness, retail, shopping, and entertainment venues
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DEMOGRAPHICS
1 MILE RADIUS
Population 14,549
Households 6,908
Average Household Income $64,258
Median Household Income $45,881
Median Age 32.1
Educational Attainment
Adult population Age 25 years or Over 10,526
Any College (Some College or Higher) 6,649 (63.2%)
College Degree + (Bachelor’s Degree or Higher) 4,347 (41.3%)
Daytime Demographics
Total Businesses 2,737
Total Employees 72,064
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Key real estate market indicators reveal that during the fourth quarter of 2016 the Indianapolis market recorded minor downward movement in vacancy rates and ascending rental rates. The CBD vacancy rate has been trending downwards since Q3 2013 from 18.53% to Q4 2016 at 17.66%. The downtown rental rate for Q4 is the highest is has been since Q4 of 2010 at $19.29. There have been two significant downtown Indianapolis office transactions made by Hertz Investment Group totaling over 1,755,000 square feet. -RESOURCE Office Report – Q4 2016
DOWNTOWN OFFICE MARKET OVERVIEW
Q4 OFFICE RENTAL RATES
Q4 OFFICE VACANCY RATES17.83% 17.94% 17.47%
17.81% 17.66%
15.71% 13.78% 13.41% 13.06%15.58%
0.00%
4.00%
8.00%
12.00%
16.00%
20.00%
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Perc
ent V
acan
t
Office Vacancy Rates
CBD Suburban
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
$18.47 $18.43 $18.72 $19.12 $19.39
$17.01 $16.89 $17.01 $17.33 $17.73
Q4 Office Rental Rates
CBD Suburban
CBD
CBD
Suburban
Suburban
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A summary of key real estate market indicators reveals that during the fourth quarter the downtown Indianapolis market saw descending vacancy rates from Q4 2013 at 7.2% to Q4 2016 at 5.0%. Over the last year, the retail market as seen an overall decrease in the vacancy rate from 5.7% to 5%. The downtown rental rate is the highest it has ever been at $16.27. First increase in rental rates since Q4 2015. A notable retail lease of 19,000 sq/ft by Spot Freight was made in Q3 2016. –CoStar (Analytics: Snapshot data, 2017)
DOWNTOWN RETAIL MARKET OVERVIEW
Q4 RETAIL RENTAL RATES
Q4 RETAIL VACANCY RATES
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
$15.72 $15.60 $15.19$14.07
$16.27
$12.72 $12.86 $12.96 $12.80$13.83
Q4 Retail Rental Rates
CBD Suburban
6.20%5.70% 5.30% 5.10% 5.00%
6.90% 6.80% 6.60%5.80% 5.80%
0.00%
2.00%
4.00%
6.00%
8.00%
1 2 3 4 5
Perc
ent V
anca
t
Retail Vacancy Rates
CBD Suburban
CBDSuburban
CBDSuburban
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The downtown Indianapolis apartment market has recorded an increase in vacancy rates over the previous year. The Q3 apartment vacancy was 8.9%, much higher than the 6.5% of Q2. The average rent rate was $1,074 in the downtown area and has steadily been increasing over the previous year. – REIS/CoStar (REIS Indianapolis Market Apartment Reports, 2017)
DOWNTOWN APARTMENT MARKET OVERVIEW
$1.31 $1.33 $1.34 $1.36 $1.35
$0.83 $0.84 $0.85 $0.86 $0.86
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Rent
per
SF
Apartment Rent per SF
CBD Indianapolis
11,087 11,087 11,087 11,348 11,345
1,129 1,159 1,159 897 1,342
0
2,000
4,000
6,000
8,000
10,000
12,000
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Num
ber o
f Uni
ts
Under Construction - Apartments in CBD
Current Stock Under Construction
APARTMENTS IN CBD UNDER CONSTRUCTION
APARTMENT RENT/SF
CBD
Current Stock
Indianapolis
Under Construction
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DOWNTOWN INDIANAPOLIS MARKET OVERVIEWThe booming Indianapolis CBD is both the geographic and economic center of the State of Indiana. With a large workforce and resident population, there is great opportunity for growth in the Indianapolis CBD. There are five cultural districts that feature entertainment, dining, shopping, and prolific sports venues as well as an expanding business community. Indianapolis has one of the most compact and desirable CBDs in the country.
Three higher education institutions // IUPUI, University of Indianapolis, Ivy Tech
IU Health and Medical School // Hospitality and prestigious medical school
Eli Lilly and Company // One of the largest pharmaceutical companies in the world
Anthem HQ // Anthem, Inc. is one of the largest health benefits companies in the United States
Rolls Royce Regional HQ // Today, more Rolls-Royce products are built in Indianapolis than anywhere else in the world. Approximately 4,000 employees work in Indianapolis in manufacturing, assembly, test, engineering and a variety of staff support roles
NCAA HQ // The National Collegiate Athletic Association (NCAA) is a non-profit association which regulates athletes of 1,281 institutions, conferences, organizations, and individuals. It also organizes the athletic programs of many colleges and universities in the United States and Canada, and helps more than 450,000 college student-athletes who compete annually in college sports.
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INDIANAPOLIS CITY OVERVIEWIndianapolis has a growing population of over 2 million, and is widely recognized for its varied business and corporate base, professional sports, lively entertainment, and hospitality. These unique features produce an exceptional quality of life, as distinguished by consistently high rankings and new job commitments for Indianapolis.
REASONS TO INVEST IN INDIANAPOLIS // MAJOR, CENTRALIZED LOCATION
+ Strong corporate base with growing companies
+ Home to many educational institutions, a life sciences sector, and a hospitality corridor
+ Mass Avenue // Downtown Indy’s trendy arts and theater district, free-spirited cultural district filled with independently owned restaurants, night spots, shops, galleries and theaters.
+ Fountain Square // Just southeast of downtown, this funky Indianapolis neighborhood has vintage and antique shops, a world of restaurants, working artists and a vibrant arts scene, live music and performance, and one-of-a-kind stores that sell comics, musical instruments, home decor, fresh flowers, and so much more.
More than $100 million in hotel developments in the making, totaling more than 1,100 rooms downtown. High demand for condos and apartments, more than 3,000 units are currently underway. -Visit Indy (New Developments in Indy, 2017)
The Children’s Museum of Indianapolis has broken ground on a new $35 million Sports Legends Experience that will utilize Indy’s rich sports history to encourage kids to be active. The Indianapolis Museum of Art will launch two new exhibits in 2017: Spring Blooms with 250,000 bulbs springing to life in April, and an incredible holiday lights display come November. – Visit Indy (New Developments in Indy, 2017)
New Restaurants: Red, The Steakhouse, Rebar Indy, full-service beer taps, The Owner’s Wife, Mass Ave-collaboration of Outliers Brewing, Brugge Brasserie and Milktooth. – Visit Indy (New Developments in Indy, 2017)
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DOWNTOWN INDIANAPOLIS AMENITIESLUCAS OIL STADIUM // Home of the Indianapolis Colts, host of Super Bowl 2012, Big Ten Championship Games, NCAA Final Four Tournament.
BANKERS LIFE FIELDHOUSE // Home of the Indiana Pacers and WNBA Fever, prime location for meetings, events, games, and concerts.
INDIANAPOLIS MOTOR SPEEDWAY // Home of the Indianapolis 500 and Brickyard 400 (nearby, northwest of downtown).
VICTORY FIELD // Home of the AAA, minor-league team Indianapolis Indians.
INDIANA FARMERS COLISEUM // Home of the Indy Fuel hockey team, hosts Indiana State Fair, concerts, and events.
CIRCLE CENTRE MALL // With over 125 shopping, dining and entertainment options, there are many options abailable at Circle Centre. Conveniently located in downtown Indianapolis, this four-level indoor mall features Carson Pirie Scott, H&M, Finish Line, Express, and many more.
MONUMENT CIRCLE & SOLDIERS AND SAILORS MONUMENT // As the geographic heart of the city, ”The Circle” is an ideal spot to enjoy lunch or get an iconic photo taken. The monument is located on Monument Circle in the center of downtown and has come to symbolize the city of Indianapolis and the state of Indiana. Designed by Bruno Schmitz and constructed between 1887 and 1902, this limestone monument includes sculptures by Rudolf Schwartz (who created the figures on the structure’s sides), George Brewster (who created the figure of Victory that caps the monument, as well as two astragals) and Nicolaus Geiger (who created the Army astragal).
WHITE RIVER STATE PARK // This unique State Park offers more than 250 acres of green space filled with an array of cultural attractions, public art, and entertainment.
MILITARY PARK // Military Park is home to Indianapolis’ biggest festivals including Irish Fest and the Eiteljorg Museum’s annual Indian Market.
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DOWNTOWN INDIANAPOLIS AMENITIES CONTINUED
AMERICAN LEGION MALL // Second only to Washington, D.C., Indianapolis is home to more monuments and memorials than any other U.S. city. In this park you’ll find World War II, Korean and Vietnam memorials, as well as the American Legion’s national headquarters.
WHITE RIVER CANAL // The Canal Walk is part of the Indiana Central Canal, which was dug in the early 1800s, in an effort to facilitate interstate commerce. Today, the refurbished Canal Walk (stretching north through White River State Park to 11th Street) serves the downtown community as a waterside promenade for walkers, runners, bikers and sightseers (while the canal itself includes a steady stream of pedal boats, which may be rented west of the Indiana State Museum).
INDIANAPOLIS ZOO // Located downtown in White River State Park, the Indianapolis Zoo is a 64-acre accredited zoo, aquarium, and botanical garden. In addition, the zoo’s White River Gardens includes a 5,000 square foot conservatory and three acres of beautifully landscaped outdoor garden rooms.
NCAA HALL OF CHAMPIONS // The NCAA Hall of Champions boasts two-levels of interactive exhibits to engage visitors and create a true-to-life understanding of what it takes to make the grade.
INDY ELEVEN SOCCER // A world-renowned soccer club, that is a member of the North American Soccer League.
400 // Number of international and national sporting events Indy has hosted over the last 30 years, including 55 NCAA Championship events, a Super Bowl, 17 U.S. Olympic Team Trials, and World Championships in basketball, rowing, gymnastics, and swimming.
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INDIANAPOLIS ACCOLADES & RECOGNITIONIndianapolis named finalist for 2017 Smart Cities Challenge Grant (Global Water Technologies, 2017)
Salesforce‘s move into Chase Tower will add 800 jobs. (McGowan, 2017)
Indy cracks nation’s top 10 for tech-firm office deals – Jared Council – IBJ (Council, 2016)
Indy ranks fifth in tech-job growth 2016 – Jared Council – IBJ (Council, Report: Indy ranks fifth in tech-job growth, 2016)
The next top 10 cities for tech jobs 2015 - Indianapolis has emerged as an ideal city for young professionals looking for an affordable home and a strong work/life balance. The city boasts three Fortune 500 companies—Eli Lilly and Company, Anthem Inc. and Simon Property Group—as well as a number of major sporting events. – Jared Lindzon – Fast Company (Lindzon, 2015)
Top 10 Best Downtowns #3 – Livability (Top 10 Best Downtowns, 2015)
Cost of Doing Business- CNBC’s Ranking of America’s Top (America’s Top States for Business 2016, 2017)
States for Business 2016 – 1st (America’s Top States for Business 2016, 2017)
Indianapolis International Airport
+ Indianapolis International Airport set a record in 2016, welcoming more than 8.5 million passengers. (Web, 2017)
+ Indianapolis International Airport has been named the best airport in North America in 2015, 2014, 2013, 2012, and 2010 by Airports Council International, best airport in America from Condé Nast Traveler, and has been rated #1 (on everything from security to baggage claim) by travelers in a J.D. Power & Associates poll. (Airport Service Quality: Best Airport by Region, 2015)
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+ Indianapolis, IN – Top 50 places to travel in 2017 – Travel & Leisure (Staff, 2017)
+ Graduates, intern hub for technology- NY Times (Spivack, 2017)
#1 Convention City in the Country – USA Today with more hotel rooms connected to the Indiana Convention Center than any city in the country (4,700) – from Visit Indy (Today)
As published in Convene magazine, an independent study by Watkins Research Group asked more than 800 planners to rate destinations based on hotels, accessibility, convention services, and more. Indy was among 15 cities considered “Simply the Best” at measuring up to meeting planners’ expectations. (Russell, 2015)
Named in top 26 hottest food cities of 2016 - #15 by Zagat
#17 America’s favorite cities – Travel + Leisure (10 Best Cities for Families to Visit, 2013)
#9 Best Cities for Families to Visit – Parents Magazine (10 Best Cities for Families to Visit, 2013)
7 Walkable Cities for Meetings and Events - #1 – Rejuvenate Magazine (Anderson, 2013)
Children’s Museum of Indianapolis Voted Best Museum for Families — USA Today (10 best museums for families: Readers’ Choice winners, 2014)
“Indianapolis is one of those places that residents don’t want the masses to know about, lest they spoil its perfect blend of bustle and easygoing Midwest mentality that makes it such a livable and lovely city.” — Fodors.com (Weekend Getaways - Indianapolis, 2017)
INDIANAPOLIS ACCOLADES & RECOGNITION CONTINUED
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RECENT DOWNTOWN SALES COMPS
PROPERTYADDRESS
41 E Washington StIBJ Media Building
441 E 10th StIndianapolis Fire HQ
635 Massachusetts Ave
16 E Henry St 301 E Market St (Part of Portfolio)
302 W Washington St (Part of Portfolio)
BUILDING SF 65,000 56,000 5,197 N/A N/A N/A
SALE DATE February 2016 February 2015 July 2012 August 2016 December 2014 December 2014
SALE PRICE $11,000,000 $8,000,000 $920,000 $4,000,000 $2,182,989 $2,117,011
PRICE/SF OR AC $169.23/SF $142.86/SF $177.03/SF $3,100,775/AC $1,113,770/AC $1,132,091/AC
LAND AREA AC 0.91 Acres 1.88 Acres 0.21 Acres 1.29 Acres 1.96 Acres 1.87 Acres
BUILDING CLASS B B N/A N/A N/A N/A
YEAR BUILT 1923 1967 N/A N/A N/A
BUYER COMPANY
Drury Hotels City of Indianapolis Division of Economic Development
Chatham Tap JS&H Properties LLC
Cummins, Inc. Cummins, Inc.
SELLER COMPANY
Maurer Family Holdings
Shiel Sexton Company Inc.
Agio Properties LLC
Samaritan Companies
City of Indianapolis Asset Management
City of Indianapolis Asset Management
Campus at Washington
301 E Market St
16 E Henry St
302 W Market St
OFFICE RETAIL LAND
N
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LIMITING CONDITIONS
This Offering Memorandum was prepared by RESOURCE Commercial Real Estate and has been reviewed by the Seller. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition, and other factors, which therefore are subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers.
In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form and do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Offering Memorandum is subject to prior placement, errors, omissions, changes, or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property by RESOURCE Commercial Real Estate or the Seller. Each prospective purchaser is to rely upon his or her own investigation, evaluation, and judgment as to the advisability of purchasing the Property described herein.
RESOURCE Commercial Real Estate expressly reserves the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller, and any conditions to Seller’s obligations thereunder have been satisfied or waived. RESOURCE Commercial Real Estate is not authorized to make any representations or agreements on behalf of the Seller.
The Property is privately offered, and by accepting this Offering Memorandum, the party in possession hereof agrees (i) to return it to RESOURCE Commercial Real Estate and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without prior written authorization of RESOURCE Commercial Real Estate and the Seller.
The terms and conditions set forth above apply to this Offering Memorandum in its entirety.
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RESOURCES
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RESOURCE Commercial Real Estate9339 Priority Way West Drive, Suite 120Indianapolis, Indiana 46240317.663.6000 rcre.com
SAM SMITH CCIM, SIOR, SLCR, MCR.wPrincipal & ChairmanDirect 317.663.6565 Mobile [email protected]
JORDAN A SEABROOKAssociateDirect 317.663.6536 Mobile [email protected]
JOSHUA ABRAMSAssociateDirect 317.663.6541 Mobile [email protected]
THE TEAM
CAMPUS AT WASHINGTON