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Building Size
15,000 SF
Expense Structure
NNN
Property Use
Hospital Licensed Outpatient Center
Avg. HH Income (3-Mile)
$77,081
Retrofit to Suit
2023
INVESTMENT HIGHLIGHTS
INVESTMENT GRADE AA+ CREDIT - Health and Hospital Corporation of Marion County, the tenant on the lease, has an AA+ credit rating from S&P and an Aa1 rating from Moody's.
STICKY LOCATION – Subject property has a special use variance due to the medication management platform and hospital licenser. Special use variances are obtained through an arduous and lengthy application process, which helps improve the stickiness of the tenancy to the property.
TAX ADVANTAGED (OPPORTUNITY ZONE) - Subject property is situated within an opportunity zone along North Meridian Street. This opportunity zone provides investors with the option to defer federal capital gains taxes on investments for up to 10 years. Investors also have ability to pay these taxes at a reduced rate after 10 years or upon sale of the asset.
BELOW REPLACEMENT COSTS – The total project cost between the tenant and developer exceeded $6.8 Million, or roughly $456/SF. The asset is being offered at $333/SF which is significantly below replacement costs.
TENANT INVESTMENT OF $3.4 MILLION - The tenant has demonstrated significant commitment to this location by investing $3.4 Million into tenant improvements of this behavioral health facility.
SYNERGISTIC LOCATION – The subject property is adjacent to the Criminal Justice Center, a brand new $1 Billion development by the city. This location will benefit greatly from the anticipated patient base that this new Criminal Justice Center will produce. The property is also less than a mile away from the planned redevelopment of the Twin Aire Shopping Center by the City of Indianapolis in partnership with the Health and Hospital Corporation. The redevelopment will seek to meet the increased demand for services complementary to the Community Justice Campus keeping with the theme of holistic criminal justice reform.
