The Monon & Main mixed-use property in Carmel, Indiana has traded for $12.25 million, with Cushman & Wakefield arranging the sale. The four-story, 34,650-square-foot asset is positioned at 211 West Main St. in Carmel, a northern suburb of Indianapolis, and combines boutique office and retail space in a single building.
According to Cushman & Wakefield research, the sale achieved pricing of $354 per square foot, establishing a new high-water mark for office transactions in Indiana. The property was reportedly 100% leased at the time of closing, underscoring strong tenant demand for contemporary, well-located space in this submarket.
Monon & Main was completed in 2018 and is configured with approximately 79% of its area dedicated to office use and 21% to retail. It is located in the center of the Carmel Arts & Design District, a walkable neighborhood that has emerged as one of Carmel's key commercial and cultural destinations. The mix of uses and the fully leased status provided a stabilized income profile for the buyer.
Cushman & Wakefield's Capital Markets team in Indianapolis handled the assignment on behalf of the seller. Director Rebecca Wells represented a private partnership led by the Hannum family in the transaction. The buyer was described as a private investor, adding another private-capital trade to the region's investment sales activity.
Wells noted that the sale drew strong interest from investors viewing Monon & Main as a trophy asset within Central Indiana's office landscape. She suggested that the level of competition and the record pricing could indicate an early thaw in the area's office market conditions, particularly for newer, well-leased, mixed-use assets.
The building is part of a larger mixed-use development that extends beyond the office and retail footprint. The broader project includes a three-story, 12,000-square-foot steakhouse, seven townhomes and a 200-space parking garage, illustrating the increasingly blended nature of residential, dining and workplace uses in Carmel's urban core.
