Cushman & Wakefield : Brokers Record-Setting Sale of Monon & Main, Mixed-Use Trophy Asset in Carmel, Ind.

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INDIANAPOLIS - Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced it has brokered the $12.25 million sale of Monon & Main, a four-story, 34,650-square-foot Class A+ boutique mixed-use office and retail property located at 211 West Main St. in Carmel, Indiana, a northern suburb of Indianapolis. At $354 per square foot, the transaction set a new high-water mark for office sales in the state of Indiana, according to Cushman & Wakefield research data. Situated in the heart of the vibrant Carmel Arts & Design District, Monon & Main was 100% leased at the time of sale. Built in 2018, the property is comprised of 79% office and 21% retail space. Cushman & Wakefield's Rebecca Wells, Director, Capital Markets, based in the firm's Indianapolis office, represented the seller, a private partnership led by the Hannum family. The buyer was a private investor. "There was tremendous investor interest in this trophy asset, which may signal the beginning of a thaw in Central Indiana's commercial office market," said Wells. "It also reflects the exceptional construction quality of the building and the strength of the Midtown Carmel location within the Arts & Design District." As one of Indianapolis's most affluent suburbs, the City of Carmel has been widely recognized in recent years for its strong job growth, cultural amenities, award-winning school system, and abundant leisure opportunities, including more than 200 miles of trails and pathways and over 1,000 acres of parks and green space. Monon & Main is part of a larger mixed-use development that also includes a three-story, 12,000-square-foot independent steakhouse, seven townhomes, and a 200-space parking garage. A public plaza and pedestrian seating areas further enhance the overall development. Cushman & Wakefield research shows that nine of the top 10 highest office sale prices per square foot in Indiana have occurred in the downtown areas of Carmel and Fishers-two of the fastest-growing communities in the state. Monon & Main exceeded the previous record by approximately 12%, surpassing the prior benchmark achieved at The Edge, located on 116th Street in Fishers.

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