Hines Acquires 493000-SF Clay Terrace Retail Center In Carmel Indiana For $199M From Washington Prime Group
14390 Clay Terrace Boulevard
$199,000,000
$403/SF
Building Size
493,000 SF
Asset Type
Retail
Closing
Dec 10, 2025
About this deal
AI
The retail center located at 14390 Clay Terrace Boulevard in Carmel, IN, encompasses 493,000 square feet and is currently 95% leased. The sale price for this asset was $199,000,000, equating to approximately $404 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $199,000,000
- Square Footage: 493,000
- Address: 14390 Clay Terrace Boulevard
- Market: Carmel, IN
- Buyer: Jeffrey C. Hines, Laura Hines-Pierce, John Tomlinson & Will Renner - Hines
- Seller: Christopher Conlon - Washington Prime Group
Hines Global Income Trust acquired the retail center from Washington Prime Group. This transaction reflects a notable activity amidst a broader decline in Indianapolis retail investment, which has dropped significantly this year.
On the Map
$199,000,000
$403/SF
Retail
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Players
Carmel Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93