California-based investment firm stREITwise has acquired the Allied Solutions building in Carmel in a $32 million deal. Construction on the 142,000-square-foot building was completed in January 2018 and the firm calls it the centerpiece of a new hub of redevelopment and growth in the Hamilton County city.
The building is currently 87 percent leased with Allied Solutions and F.C. Tucker Co. serving as the anchor tenants. stREITwise Chief Executive Officer Eliot Bencuya says acquiring the building made sense for the firm and local investors.
"What’s special about Carmel, and Midtown Carmel in particular, is that it illustrates the transformative power of cohesive mixed-use redevelopments in suburban settings," said Bencuya. "People love to talk about how the trend of the decade is the ‘the move to the city,’ particularly among Millennials, but the reality is much more nuanced. Suburbs are a fundamental part of the American fabric, especially in non-gateway markets, and it’s evident that it’s possible, and in many cases preferable and cheaper, to move ‘downtowns’ to where people already live rather than move people to ‘downtowns!"
Bencuya says he expects the trend of more mixed-use developments in suburban areas to continue.