6612 E 75th St
Indianapolis, IN 46250
Heritage Park I · Office Property For Sale

Marcus & Millichap is pleased to exclusively present to market for sale the Heritage Park Office Building I, located in Indianapolis, Indiana. Constructed in 1980, the 87,165 square-foot property is an integral part of the Heritage Office Park, a prominent landmark of the Castleton Submarket of Indianapolis. Indianapolis, the Crossroads of America, is the State Capital of Indiana and the 3rd most populous Midwest City with an estimated 863,002 residents. The Castleton Submarket is a highly commercialized neighborhood on the Northeast Side of Indianapolis, concentrated around the highly-trafficked I-69 and I-465 interchange and anchored by the Castleton Mall, the largest mall in Indiana. Located just south of Fishers, Indiana, the state’s 6th most populous city, the Castleton Submarket consists of over 4,370,000 square-feet of office space with a reported market vacancy rate of 7.1%. The submarket has experienced rent growth at 3.5% in the trailing 12 months, ending February 2019, with a reported average market rent of $19.56 per square-foot, $1.50 per square-foot above the current average rent throughout Heritage Park Office Building I. The Heritage Park Office Building I, is centrally positioned within the Heritage Office Park to overlook the I-69 and I-465 interchange and benefits from excellent visibility and signage to nearly 150,000 vehicles per day. The Subject Property is operating at 77.6% occupancy with a Weighted Average Lease Term of 6 Years Remaining. The Heritage Park Office Buildings I presents itself as a fundamentally sound multi-tenant, professional office investment opportunity, featuring irreplaceable real estate fundamentals in a prominent Indianapolis submarket with additional value-add upside through conditioned lease-up.