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CAMBY, IN-Big-box retail and flex office for a project called Camby Village has been proposed here along I-67, southwest of Indianapolis, but developer Mann Properties has decided to put the raw land up for sale. The company would consider offers of less than $8 million for the 123 acres, which surround the completed and leased Bristol apartment complex here.

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.

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