Keystone Group acquires two industrial buildings in downtown Carmel

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Indianapolis-based real estate developer Keystone Group on Wednesday announced it purchased two industrial buildings along the Monon Trail in downtown Carmel.

The buildings, which total 69,000 square feet, are south of The Center for the Performing Arts on a 5.4-acre property at the northeast corner of Gradle Drive and 3rd Avenue Southwest.

Indianapolis-based Keystone Group purchased two industrial buildings along the Monon Trail and south of The Center for the Performing Arts in Carmel. (Photo provided by Keystone Group)

“Keystone is thankful to the owners for their trust in selling this 100% occupied business park located in a great location on the Monon to us,” Keystone Group CEO Ersal Ozdemir said in written remarks.

The buildings, known as Gradle 1 and Gradle 2, have been owned by the Gradle family since they were constructed in 1976.

Keystone declined to disclose the purchase price for the property or say whether a redevelopment was in the works.

“We do not have immediate plans for redevelopment but we will work with our tenants and the City of Carmel to make sure the use is complementary to the City’s vision for the area,” a written statement from the company said.

Businesses at the site include Bonzi Sports Inc., T&T Hail Repair Specialists, Edge Guys Heating and Cooling, The Blind Man, Autoshine Indy, Collins United Flooring, and Mirror and Glass Concepts.

Keystone’s previous projects in Carmel include the $60 million Sophia Square building in the city’s Arts & Design District and The Olivia on Main, a $30 million development on the southwest corner of the roundabout at Old Meridian and Main streets.

The company recently purchased the 18-acre Diamond Chain manufacturing site on the western edge of downtown Indianapolis, where it is planning a $1 billion redevelopment that would include a soccer stadium for the Indy Eleven, apartments, a hotel, office buildings and retail space.

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5 thoughts on “Keystone Group acquires two industrial buildings in downtown Carmel

    1. Eric – boohoo. He’s clearly improving the area. If he wants to pay them late w a penalty, that’s his choice.

    2. C D, when I was a commercial lender, that was a big red flag. I guess the world has changed; the best customers apparently now voluntarily pay higher taxes through penalties to make up for the benefit they get through TIF by not really paying taxes. Or Brainard and Mestesky are just idiots playing Sim City. I’m leaving Carmel so don’t really care. “Tell me how this ends.”

    3. I totally understand your position Eric M. but to be honest, most developments in any major city has some sort of taxes issues. This is his cities here major developments built. Look at the boom in Nashville lately. I’m certain you’ll find some red flags 🚩 there as well.