Cushman & Wakefield Brokers Sale of $12M Midwest Mixed-Use Asset

Cushman & Wakefield has brokered the $12.25 million sale of Monon & Main, a four-story, 34,650-square-foot 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 Indiana, according to Cushman & Wakefield research data. Situated in the heart of the 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. Monon & Main is part of a larger mixed-use development that also includes a three-story, 12,000-square-foot steakhouse, seven townhomes and a 200-space parking garage.