Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of the $28 million Carmel Tech Center, a three-building, 209,056-square-foot industrial flex portfolio in Carmel, Indiana.
“Located in a high-barrier-to-entry submarket within Hamilton County, the fastest-growing county in Indiana, this generational asset presents a rare opportunity to acquire a flex portfolio with a distinctive blend of office and warehouse tenants,” said Julia Evinger, managing director of investments, Marcus & Millichap. Based in Indianapolis, Evinger specializes in industrial investment sales. “We generated a competitive buyer pool, collected 23 offers, conducted a final round with 11 investors, and closed successfully despite a challenging capital markets environment.”
Evinger exclusively represented the seller, a national commercial real estate investment and development company, and procured the buyer, a Midwest-based private commercial real estate investment company.
The center offers excellent accessibility via Interstate 465 and U.S. 31, which carry approximately 145,000 and 83,000 vehicles per day, respectively. It’s about 40 minutes from Indianapolis International Airport, with Indianapolis Executive and Indianapolis Metropolitan Airports also nearby.
The properties include 833-887 Carmel Drive, a 58,430-square-foot building constructed in 1988 and renovated in 2022; 12302-12388 Hancock Street, a 74,074-square-foot completed in 1988 and renovated in 2016; and 12202-12292 Hancock Street, a 76,552-square-foot building constructed in 1988 and renovated in 2004. Anchor tenants across the portfolio include Vantiva, Stryker Orthopaedics, Live Nation, Option Care Health, Securitas Technology, Snap One Partner Store, and T2 Systems.
