Monon & Main, a four-story Class A+ mixed-use building at 211 W. Main St. in Carmel’s Arts & Design District, has changed hands for $12.25 million. Cushman & Wakefield brokered the deal for the 34,650-square-foot property, which was built in 2018 and was fully leased at closing, putting the trade at roughly $354 per square foot. Market materials identify the seller as a private partnership led by the Hannum family and the buyer as a private investor.
Deal details
According to Cushman & Wakefield, Monon & Main contains about 34,650 rentable square feet with an office-heavy composition, roughly 79 percent office and 21 percent retail, along with a 200-space attached parking garage. The brokerage and related commercial listings place the building at the intersection of Main Street and Monon Boulevard in Carmel's downtown arts district, and Cushman marketed the asset as a stabilized, generational investment opportunity in a tight owner market.
Price sets statewide benchmark
Per Cushman & Wakefield research, the transaction penciled out to about $354 per square foot, a new high-water mark for office sales in Indiana. That premium price reflects the building's downtown location and its full occupancy at the time of closing.
What this means for downtown Carmel
The City of Carmel highlights Monon & Main as part of a walkable cluster feeding into the Monon Greenway and nearby cultural destinations, according to Choose Carmel. Local reporting shows the Carmel Redevelopment Commission reviewed paperwork tied to a potential sale earlier this year and vetted a prospective buyer, a step that can be required when public parking-garage financing is involved. That review was detailed by Current, which reported that the commission sought assurances about the purchaser's financial standing.
Who represented the seller
REJournals reports that the asset traded for $12.25 million and that Cushman & Wakefield’s Rebecca Wells, Director of Capital Markets in Indianapolis, represented the seller, a private partnership led by the Hannum family. Cushman’s offering materials also list Wells and local capital-markets contacts as the marketing team on the deal.
