A luxury high-rise condominium in the Conrad Indianapolis hotel has changed hands in what might be the largest single-family residential real estate purchase in Marion County history.
The 5,514-square-foot home on the 22nd floor of the 10-year-old, 23-story building sold for $4.8 million, Encore Sotheby’s International Realty said Friday.
Former Cummins Inc. CEO Theodore "Tim" Solso was the seller. Solso, who left Cummins at the end of 2011 after 11 years as CEO, has been independent lead director of General Motors Co. since January 2014. He had owned the condo since 2008.
The buyer was Michael McCracken, president and former owner of IVC Industrial Coatings, and his wife, Carla.
Encore Sotheby’s International Realty said the property was the largest residential sale in the local office’s six-year history and the largest ever in Marion County listed in the Metropolitan Indianapolis Board of Realtors database.
The agency said the last time a residential property sold for more than $4 million in Marion County was in 2003, when a property at 675 Alverna Drive traded hands for $4.29 million. That property is owned by car dealer Andy Mohr.
The Conrad condo was on the market for less than 30 days. Joe Shoemaker, who represented the seller, said few of the 15 condos in the Conrad ever come up for sale and demand is high when they do. The property was basically sold through word-of-mouth before it was ever listed, he said.
The buyer was represented by Nicholas Wright with Newbridge Commercial Real Estate Inc.
The condo features balconies that overlook both Monument Circle and The Indiana Statehouse. A video can be found here.