Cushman & Wakefield brokers record-setting sale of Monon & Main in Carmel

Cushman & Wakefield 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 W. Main St., Carmel.

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-percent leased at the time of sale. Built in 2018, the property is comprised of 79 percent office and 21 percent retail space.

Cushman & Wakefield’s Rebecca Wells, Director of 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,” Wells said. “It also reflects the exceptional construction quality of the building and the strength of the Midtown Carmel location within the Arts & Design District.”

Monon & Main is part of a larger mixed-use development that also includes a three-story, the 12,000 square-foot Anthony’s Chophouse, 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 percent, surpassing the prior benchmark achieved at The Edge, located on 116th Street in Fishers.

Over the past 12 months, Wells has led multiple asset sales in Carmel and Fishers totaling approximately $30 million in transaction volume.