FISHERS, Ind. (Inside INdiana Business) — Terre Haute-based real estate company Thompson Thrift Retail Group has closed on the sale of the Fishers District mixed-use development to JVM Realty Corp. in Chicago.
Financial terms were not disclosed, though the firms say the dual-branded Hyatt House and Hyatt Place hotel at the 18-acre site was not part of the deal.
Fishers District, located on 116th Street near I-69, includes 105,000 square feet of retail space that is 100% leased. It also features The Mark at Fishers District, a 260-unit multifamily residential community, which was included as part of the sale.
“The Mark and Fishers District provide an unmatched investment opportunity in a vibrant, high-income suburb of Indianapolis,” Jay Madary, president and chief executive officer of JVM Realty, said in a news release. “With the ideal blend of Class A+ residential, high-end retail, and Indy’s best dining and entertainment, The Mark fits perfectly in our portfolio of luxury Midwest apartment communities.”
Thompson Thrift began development of Fishers District in 2015. The following year, the firm and the city unveiled plans for The Yard at Fishers District, a $40 million culinary and entertainment hub. Today, the development includes the Fishers Test Kitchen, a culinary incubator that allows aspiring chefs to develop new concepts.
“Fisher’s District is a unique and exciting destination that reflects the ingenuity of each of Thompson Thrift’s three business units and a project that we believe will be a lasting asset to the Fishers community,” said Ashlee Boyd, managing partner of Thompson Thrift Retail Group. “The thriving project is a premiere regional destination offering innovative dining, living, and entertainment options that matches the city’s vision for a development that accurately represents Fishers as one of the best places to live in America.”
JVM says it will use its in-house management and marketing teams to lead the residential component of Fishers District. The firm will also tap a national retail services expert to assist with the management of the retail side.