The company has already master-planned the land, which is split into two parcels, with 83 acres zoned commercial and 40 acres industrial. The 700-unit apartment complex, developed by Flaherty & Collins Properties, is behind the trapezoid-shaped property, with single-family residential further south.
Mann is getting assistance from Resource Commercial Real Estate to sell the site in a sealed-bid auction. Blair Kiel with Resource tells GlobeSt.com that the economy forced the sale. "People just aren't land-banking properties right now. Instead of a developer wanting to tie up the land quick, people are playing the waiting game," he says.
However, Kiel says Mann doesn't want to break up the property. "They'd rather sell all 123 acres at a certain price.," he says. The company is looking for capital to expand into other areas, and thus the aggressive selling price, he says. "Someone could probably get it for under $85,000 per acre," Kiel says.
Mann is also trying to unload a 9-acre site just off of I-465 and Victory Drive on the southeast side of Indianapolis. The Victory Park site is also zoned for retail, office and industrial use. The family-owned company has residential, commercial, retail, industrial and warehouse developments in Indiana and North Carolina.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
