Clay Terrace is a 493,000-square-foot open-air retail center located in Carmel, Indiana, one of the fastest-growing and most affluent suburbs in the Indianapolis metropolitan area. Acquired by Hines in 2025, the property represents a strategic investment in a high-performing suburban retail market with strong demographic growth and limited new supply.
The center is 95% leased and anchored by Whole Foods Market and Dick’s Sporting Goods, alongside a curated mix of national and specialty retailers. Clay Terrace ranks among Indiana’s most visited lifestyle retail destinations, generating approximately 4.1 million annual visits, according to Placer.ai.
In addition to its stabilized retail performance, the property includes a 14.4-acre parcel entitled for future multifamily development, offering long-term mixed-use densification potential. Clay Terrace reflects Hines’ continued focus on acquiring high-quality, grocery-anchored retail assets in growth-oriented U.S. markets.