Global real estate services firm Cushman and Wakefield has brokered the sale of Monon and Main, a boutique mixed-use development in Carmel, Indiana. The four-story property fetched 12.25 million USD, establishing a new record for the state of Indiana at 354 USD per square foot. According to research data from the firm, this transaction surpasses the previous state benchmark by roughly 12 per cent, which was previously held by The Edge development on 116th Street in Fishers.

The 34,650-square-foot Class A+ building is located at 211 West Main Street inside the Carmel Arts and Design District. At the time of the transaction, the property was 100 per cent occupied. Constructed in 2018, the building composition is divided between 79 per cent office space and 21 per cent retail premises.

Rebecca Wells, Director of Capital Markets at the Indianapolis branch of Cushman and Wakefield, acted on behalf of the seller, a private partnership managed by the Hannum family. The purchasing party was an unnamed 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.”

Carmel is an affluent suburb north of Indianapolis that has gained national recognition for employment growth, local schools, cultural attractions and green spaces, including more than 200 miles of pathways and over 1,000 acres of parkland. The Monon and Main building sits within a broader development complex. This surrounding site features a three-story independent steakhouse measuring 12,000 square feet, seven townhouses, a public plaza, pedestrian seating zones and a parking garage with 200 spaces.

Market data reveals that nine of the top 10 most expensive office sales per square foot in Indiana have taken place in the downtown commercial zones of Carmel and Fishers, reflecting the rapid growth of these two specific communities.