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Hines REIT Expands its Retail Footprint in the Midwest
In a significant move on December 10, 2025, Hines Global Income Trust Inc. acquired Clay Terrace, a prominent open-air retail center in Carmel, Indiana, for approximately $199 million. This 493,000-square-foot property is notable for being one of the first lifestyle centers to emerge in the state since its opening in 2004. With anchor tenants like Whole Foods and Dick’s Sporting Goods, Clay Terrace is well-positioned in a thriving retail corridor just off U.S. Route 31.
Current Trends in the Indianapolis Retail Market
This acquisition reflects a strategic interest in the Indianapolis retail market, where investment activity has seen fluctuations. In the first 11 months of 2025, retail investment sales in Indianapolis totaled $76 million, a substantial decline compared to the previous year’s $167 million. Though the number of transactions remained the same, the market showed a shift towards lower-value assets, indicating changing consumer preferences and economic conditions.
A Look at Hines’ Broader Strategy
Hines has a robust retail portfolio, spanning over 51 million square feet of acquired, managed, and developed properties. This includes significant assets in various regions like The Source in White Plains, New York. As part of its strategy, the firm has also earmarked a 14.4-acre parcel at Clay Terrace for potential multifamily development, indicating an intention to leverage the site’s location for a broader mixed-use approach.
Conclusion: What This Acquisition Means for the Future
The acquisition of Clay Terrace underscores Hines' confidence in the Indianapolis retail market's potential for growth. It can also be seen as a strategic response to the recent trends indicating shifting consumer focus. With plans for additional development on the site, Hines is poised to make a significant impact in the region, fostering a model that blends retail and residential amenities.
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