Speedway Capital Appreciation I LLC

(Speedway Shoppes – Indianapolis, IN)

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Deal Highlights

  • Path of Progress- More than $100 Million has been/is being invested in the immediate area, and our property is down the street from the world-renowned Indy 500 Motor Speedway with hundreds of thousands of visitors each year!
  • Strong Returns- The returns are on average 11% total return over the hold period and on average just under 8% cash on cash return over the hold period
  • Value-Add/Growth Possibilities- in the long-run we see growth from the investment due to capital investment that others are/have invested in the area, current vacancy at the property and below market rent with some of our tenants.
  • Ideal Tenants and Lease Structure – There is an excellent combination of stability & creditworthiness in our retailers, most of which are service oriented/internet resistant. Furthermore the property has NNN (triple net) leases which should help future cost increases from inflation etc.

 

About this Property

Speedway Shoppes is a 16,000-square-foot retail strip located at 5945 Crawfordsville Road, Indianapolis IN. The 92% occupied shopping center was built has direct frontage and excellent visibility from busy Crawfordsville Road.

Speedway Shoppes benefits from its proximity to the Indianapolis Motor Speedway less than 1.5 miles southeast of the subject property and the Crawfordsville Road/I-465 interchange less than one mile northwest.

 

Other Key Points

  • Amazon resistant tenant mix: The property features an excellent mix of Amazon resistant tenants with the vast majority of the property being occupied by food service, medical or service businesses.
  • Direct Frontage & Excellent Visibility: Situated on a busy retail corridor with 20,000+ cars/day. Traffic counts are one of the most important metrics for retail property success.
  • Busy Retail Corridor: Located across from a large shopping center owned by Brixmor with 572,000 square feet of retail space and anchored by Kroger, Kohl’s and TJ Maxx. In addition, nearby retailers include CVS, Big Lots, Starbucks, Applebees, McDonalds and Sherwin Williams.
  • Indianapolis Motor Speedway: Less than 2 miles away; the racetrack is one of the largest sport events in the US, attracting over one million spectators every year including INDYCAR Grand Prix, Indianapolis 500, Brickyard Vintage Racing Invitational, Indy Women in Tech Championship, and the Big Machine Vodka 400 at the Brickyard & Red Bull Air Race.
  • New Development: The area includes a new Burlington Coat Factory, Five Below and Ross Dress for Less being built across from Speedway Shoppes. In addition, a $50 million mixed-use development across from Indianapolis Motor Speedway featuring a 126-room Hilton, 90 apartments with restaurants and retail stores are scheduled to break the ground in 2018. Furthermore, the newly built Speedway Marketplace along Crawfordsville and I-465 (0.6 mile from the subject property) includes Starbucks, Chipotle and Verizon.
  • Large MSA: The Indianapolis MSA is the largest metropolitan area in the state of Indiana with over 2 million residents; the city of Indianapolis has over 855,000 residents, making it the third most populous city in the Midwest and 15th most populous in the US.
  • Fortune 500: Indianapolis is home to 3 Fortune 500 companies including Anthem (29), Eli Lilly (132) and Simon Property (477).

Location Details

 

Details About the Area – Indianapolis, IN

Indianapolis is the capital and most populous city of the U.S. state of Indiana. With an estimated population of 855,164 in 2016, Indianapolis is the second most populous city in the Midwest and 15th most populous in the U.S. The city is the economic and cultural center of the Indianapolis metropolitan area, home to 2 million people, the 34th most populous metropolitan statistical area in the U.S.

Many national and regional companies are headquartered in Indianapolis including Finish Line, Simon Property Group, Anthem Inc., Eli Lilly and Marsh Supermarkets.

Indianapolis is a major center for motorsports. Since 1911, Indianapolis Motor Speedway has been the site of the Indianapolis 500 which is the world’s largest single-day event hosting more than 257,000+ attendees. The city is the home of Indiana University – Purdue University Indianapolis (52,000+ students), Butler University (4,600+ students), Marian University (3,300+ students) and University Of Indianapolis (7,200+ students).

The region is easily accessible by Indianapolis International Airport which is the largest airport in Indiana, serving about 7.5 million passengers and transporting 985,000 tons of cargo annually. In addition, the airport is home to the second-largest FedEx operation in the world.

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