Hines REIT Pays $199M for Indianapolis Retail Asset
This property was one of the first lifestyle centers to open in the state.
Hines Global Income Trust Inc. has purchased Clay Terrace, a 493,000-square-foot open-air retail center in Carmel, Ind., for some $199 million. Ohio-based Washington Prime Group had previously owned and managed the property for the last 11 years.
Hines Managing Director John Tomlinson and Senior Managing Director Will Renner led the Midwest team that arranged the acquisition. The firm’s retail portfolio includes more than 51 million square feet in acquired, managed and developed properties, with another 3 million square feet underway.
READ ALSO: Top Commercial Real Estate Owners
Clay Terrace came online in 2004 as one of the first lifestyle centers in the state. Whole Foods and Dick’s Sporting Goods serve as anchor tenants at the property that also features Sweetgreen, Sephora and Lululemon, to name a few.
The retail center was 95 percent leased at the time of sale. Apart from its commercial areas, the property also comprises a 14.4-acre parcel designated for future multifamily development.
Located at 14390 Clay Terrace Blvd., just off U.S. Route 31, the asset is in a dense retail corridor that also includes Greyhound Plaza and Village Park Plaza, among others. Downtown Indianapolis is some 17 miles south.
Indianapolis retail sales, up close
Indianapolis has registered $76 million in retail investment sales during the first 11 months of 2025, with 14 properties trading at an average $90 per square foot, according to Yardi Matrix information. Both figures mark a significant drop from the same period of last year.
Namely, from January through November 2024, the metro saw $167 million in sales, again with 14 properties changing hands at an average per-square-foot price of $146. Despite an identical number of retail trades, the decline in Indianapolis’ investment market points to a year-over-year shift toward lower-value assets.
You must be logged in to post a comment.