District Tap & Howl at the Moon
2 Tenant | NNN Leases | Prime Social & Entertainment District
Marketing description
Marcus & Millichap, as exclusive advisor, is pleased to present for sale The District Tap & Howl at the Moon, a two-tenant, long-term triple-net leased retail investment located in the heart of Indianapolis’ downtown central business district (CBD).
The Property is 100% leased and comprised of 13,110-square feet located on the ground-floor of Six Over Meridian, a downtown six-story, mixed-use condominium tower. The ground floor retail condos, the subject offering, are leased entirely to The District Tap and Howl at the Moon. The 2nd and 3rd floors are leased by Spot; a third-party logistics provider and the remaining three floors are residential condominiums. Howl at the Moon has occupied the property for more than 20+ years and currently has 8+ years remaining on the firm term of their lease with annual rental increases. The District Tap completed an entire renovation of their suite in 2019 prior to expanding their business concept into downtown Indianapolis and recently extended their lease for an additional 10 years.
The District Tap is a multi-location, local restaurant owned by experienced operators that specialize in providing a wide selection of beers on tap and some of the best all-around food in Indianapolis. Howl at the Moon is the total entertainment experience; the bar regularly hosts guests for a variety of occasions, locals pop in for live music Monday through Saturday, happy hour revelers, bachelorette party-goers, traveling businesspeople, conventioneers and others.
The offering is located at one of the most premier hard-corner intersections in downtown Indianapolis; South Meridian Street and Georgia Street and in between South Capital Avenue and South Pennsylvania Street. This three-block promenade connects the Indiana Convention Center, Gainbridge Fieldhouse (NBA Pacers), Circle Centre Mall and Lucas Oil Stadium (NFL Colts). The immediate surrounding area is filled with residential and office towers, nationally recognized hotels and event venues and various recently-completed and current economic developments
Investment highlights
- The District Tap and Howl at the Moon are on long-term, absolute triple-net leases, both with rental increases throughout the remainder of their lease term.
- The Property offers any incoming investor a weighted average lease term (WALT) of 9+ Years.
- Located along premier urban entertainment spot, Georgia Street is a vibrant, three-block pedestrian-friendly promenade.
- Multiple developments in the immediate area underway: Signia by Hilton, Ritz Charles, Ole Red, Live Nation, and Traction Yards; representing +/-$9B in economic developments.
- The District Tap and Howl at the Moon are responsible for any and all costs associated with leasing their respective space, including but not limited to homeowner’s association (HOA) dues and special assessments, real estate taxes, property insurance and common area maintenance.
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