Streitwise is proud to present the Allied Solutions Building, a building we believe to be one of the best in the Indiana MSA, if not the state of Indiana. This is a $32 million mixed-use building in the heart of a major mixed-use development in the affluent Indianapolis suburb of Carmel. This is the Streitwise REIT’s second acquisition and first in the Carmel area, now being joined by neighboring Midtown III as of Q4 2023.
The 142,000-square-foot Class-A office and retail building was developed in 2017 as part of a public-private partnership with the city of Carmel, Indiana. Carmel has been consistently rated one of the best places to live in America and the project serves as the centerpiece of the greater Midtown Carmel redevelopment, a live-work-play destination that has attracted over $310 million in public & private investments over the past decade.
This development encompasses residential spaces, retail establishments, hospitality venues, office areas, and shared public zones. Additionally, it introduces a fresh public plaza and transforms the Monon walking and biking path into a versatile boulevard. This revamped space will feature cycle lanes, multipurpose medians, and scenic pedestrian walkways.
The Allied Solutions Building directly fronts these exciting public spaces that serve as community gatherings spaces and as venues for city-wide events. The city has spent more than $4.4 million on the Midtown Plaza space alone, which Streitwise investors will directly benefit from.
The property is situated directly between the Arts & Design District and Carmel City Center, the two main nodes of commercial activity in Carmel, ideally positioning it to be the new mixed-use heart of Carmel.
Current Tenants
As of 2023, the Allied Solutions Building is 100% leased:
- Allied Solutions, LLC: 108,000 sf until 11/2030. Allied Solutions is an independently-operating subsidiary of Securian Financial Group and one of the largest providers of insurance, lending and marketing products to banks and credit unions.
- F.C. Tucker Company: 15,761 sf until 11/2029. F.C. Tucker Company is the largest independent real estate firm in Indiana.
- Realync: 5,032 sf until 3/2025. Realync is a multifamily video production company.
- Fork+Ale House: 3,191 sf until 8/2029. Fork+Ale House (CJAAM LLC) is a ground-floor brewery/restaurant by the same creators of Stacked Pickle, another successful regional food chain.
- Penn & Beech: 2,400 sf until 3/2030. Penn & Beech is a custom candle-making chain featuring a private event area, hospitality lounge with beer & wine, and outdoor seating area. This is the second Penn & Beech location.
- Java Coffee House Bar: 2,095 sf until 10/2030.
- Renova Med-Spa: 2,859 sf until 4/2031. Renova Med-Spa provides a full service salon, spa, cosmetic and other aesthetician services.
Since the acquisition, this Midtown Plaza has been activated with restaurants, coffee shops, fast casual dining, and/or service oriented retail. The property also benefits from the Sun King distillery and food hall next door. Sun King’s Downtown Indianapolis flagship is a renowned Indianapolis institution, and its expansion into Carmel only solidifies the city’s reputation as a buzzing live-work-play destination.
Invest Today
The Allied Solutions Building joins the neighboring Midtown III also in Carmel, IN and Streitwise Plaza in Sunset Hills, MO. These are both class-A office assets with an average tenancy over 90%, long-term debt in place, and high weighted average lease terms. Accredited & non-accredited investors can now own a part of this fast-growing live-work-play corridor.
By the Numbers
- Current Offering: 1st Streit Office REIT
- Size: 142,000 square feet
- Property Type: Mixed-use office & retail
- Location: Carmel (Indianapolis); highest asking rent submarket in Indianapolis
- Total Value: $32 million
- Leverage: 10-year term senior loan; 55% loan-to-cost
- WALT (weighted average lease term): 6.74 years (as of Q4 2023)
- Deal Details: Click here