Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm, announced today that the firm has completed the sale of a mixed-use community center in Fishers, Indiana, an affluent northern suburb of Indianapolis. This sale marks Hanley Investment Group’s third transaction in the state of Indiana in the last five months, for a total consideration of $12.25 million.
Hanley Investment Group’s Dylan Mallory and Corey Olson represented the Toledo-based seller and developer, Republic Development. The buyer, a private investor based in Bloomington, Indiana, was self-represented in the transaction. Built in 2007, the Bonn Building sits on 2.32 acres and is located on East 131st Street near Olio Road in the heart of Saxony, a 3.5 million-square-foot office and industrial development spanning both south and north of Interstate 69. The property is also located within the high-growth residential community of Saxony Village, which includes single-family homes, townhomes and apartments. The 32,414-square-foot Bonn Building was 92% leased at the time of sale and features a complementary mix of service-based, retail, food service, healthcare and traditional office tenants that serve the immediate surrounding community.
“Fishers is one of the most affluent areas in the state of Indiana,” said Mallory. “Nearby residents have tremendous spending capacity with average household incomes of $155,000. Business Insider recently ranked Fishers as one of the best suburbs to live in America. With its close proximity and easy access to downtown Indianapolis, Fishers is primed for continual population and economic growth.”
Olson adds that the population within a three-mile radius of the property has grown 33% since 2010, and is projected to grow another 23% by 2023, making it one of the fastest-growing submarkets in Indiana. Fishers currently has an estimated population of 95,310 and is the sixth-largest city in Indiana.
Since 2016, there have been many commercial projects completed in the immediate area including Fishers District, an 18-acre master-planned mixed-use development that offers an artful blend of dining, retail, entertainment, and upscale residential living all in one beautifully designed location. In previous years, Fishers added the first locations for IKEA and Topgolf in the state of Indiana.
Earlier this year, and less than two miles away from the Bonn Building, The Plaza at Saxony MarketPlace opened, which is a large power center anchored by Marshalls, Petco, Burlington, Five Below and Michaels. The Plaza sits adjacent to Hamilton Towne Center, which is a large 672,000-square-foot lifestyle center developed by Simon Property Group in 2009.
According to Olson, within walking distance to the Bonn Building is the Indiana University Health Saxony Hospital, rated #1 Hospital in Indiana by U.S. News & World Report (2018), as well as the Ascension Health’s St. Vincent Fishers Hospital, which was built in 2013. With two major hospitals nearby, the Bonn Building has historically been an excellent location for medical service providers and currently offers both primary care and chiropractic practices.
Hanley Investment Group has been one of the most active retail investment brokerage companies in Midwest transaction volume with over $400 million in sales in the last three years. “This sale is another excellent example of Hanley Investment Group’s ability to market Midwestern properties to both local buyers and aggressive out-of-state investors looking for attractive yields. By highlighting the strong population growth and nearby commercial activity, we were able to find the optimal buyer for this asset, who ended up being relatively local,” stated Mallory.
In addition to the sale of the Bonn Building, within the last five months, Mallory has arranged the sale of a newly remodeled, single-tenant, net-lease property occupied by ALDI in Mishawaka, Indiana and a newly constructed, absolute net-ground lease Burger King in Westfield, Indiana.
