Marcus & Millichap is pleased to present to the market 1277 West 18th Street in Indianapolis, Indiana – a 38,729 square foot single-tenant industrial building formerly owned and currently leased to AT&T as a garage and maintenance center for their technicians and vehicles. The Property is situated just north of the a major Indianapolis redevelopment initiative called 16Tech, an urban innovation district being developed in the historic Riverside neighborhood and within the Indiana Avenue Cultural District on the northwestern edge of downtown Indianapolis.
The Subject Property was owned and occupied by AT&T as a garage and maintenance depot for their technicians and service vehicles servicing part of the west side of Indianapolis. In 2019 AT&T sold the asset to a local developer as part of a larger portfolio of locations that AT&T has elected to vacate over the next few years and signed short-term sale/leasebacks in the process of the dispositions. With that, the Subject Property is currently leased to AT&T until April 2021 with a few short-term renewal options, at which point the Tenant is expected to vacate.
The opportunity with 1277 West 18th Street is for an Investor or Owner/User to acquire the Property and collect passive, triple-net cash flow for the first year or so while either preparing to occupy the space or while they work to reposition to a longer-term Tenant. With strong in-place cash flow from a credit tenant and a location that is the heart of major growth and redevelopment in Indianapolis, 1277 West 18th Street is primed to be an excellent, rare opportunity for the savvy Investor.
