COMMERCIAL REAL ESTATE

Wesbanco | Carmel Offices

Mitch Doner, Commercial Real Estate Broker and Vice President, Director of Asset Resolutions at Bradley Company Indianapolis office
Vice President & Director of Asset Resolutions | Managing Broker
Services Provided
Tenant Representation
Statistics
± 5,440 SF
Client
WesBanco

Client
Case Study

10201 Illinois St.

Carmel, IN 46290

Background

Mitch was engaged to secure a Class A office space that will serve as WesBanco’s first presence in the Indianapolis market. WesBanco has (205) locations throughout West Virginia, Ohio, Pennsylvania, Maryland, Kentucky, and southern Indiana, but none in Indiana north of Scott County. Additionally, the new space needed to perfectly fit WesBanco’s criteria as well as sustain the mission of the firm so that they may continue to deliver an uninterrupted premier financial institutional experience across all of their markets. They required the services of a Broker who was intimately familiar with the Carmel/North Meridian office submarket as well as one who was capable of negotiating a Tenant-favorable Lease Agreement on a short timeframe.

Strategy

WesBanco engaged Mitch to arrange and execute research efforts in the Carmel/North Meridian submarket so that they had an overall understanding of the submarket’s recent performance as well as the behavioral tendencies and financial motivations of Landlords. Mitch procured information regarding (57) properties within the submarket so that WesBanco may filter out locations that best fit their appetite and criteria. Once the submarket’s availabilities were thinned out, Mitch composed a two-day property tour schedule with WesBanco’s representatives. At that point, the main strategy was to tour as many options within a two-day span and then narrow down the prospective options down to a handful that can be move-in ready immediately or within (60) days of execution of a Lease Agreement. Timing was the most important component of this endeavor, so finding a space that featured all of the ingredients of a prospective space on a short timeline was not simple.

Results

After participating in on-site in-person property tours of (17) locations in the submarket, Mitch assisted WesBanco in further narrowing down options to request a lease proposal from. While WesBanco’s original desire was to remain on the Marion County side (Indianapolis) of North Meridian Street, after touring many options on the Hamilton County (Carmel) side, the motive was clear to find an option in Carmel with terrific access, excellent exposure, and minimal Tenant improvement construction headaches. Mitch assisted WesBanco with negotiating through a lease Proposal on space that featured first-floor access, building entry and lobby visibility, simple access, and only cosmetic Tenant improvements needed, which would provide the them with the space stability that they desired. Mitch then assisted WesBanco and their facilities department with reviewing the proposed Lease Agreement so that construction on the proposed space could begin forthwith. From start to finish, this assignment was completed in (106) days.

“Thanks for everything. You did a great job, from the initial meetings and property showings to the completion of the Lease Agreement. Thank you for your patience during the process. Your expertise throughout this real estate transaction was very helpful. We would all recommend you to our other Clients.”
– Mike M. Senior Vice President & Senior Commercial Banker, WesBanco Bank, Inc.

STRATEGY

RESULTS

After participating in on-site in-person property tours of (17) locations in the submarket, Mitch assisted WesBanco in further narrowing down options to request a lease proposal from. While WesBanco’s original desire was to remain on the Marion County side (Indianapolis) of North Meridian Street, after touring many options on the Hamilton County (Carmel) side, the motive was clear to find an option in Carmel with terrific access, excellent exposure, and minimal Tenant improvement construction headaches. Mitch assisted WesBanco with negotiating through a lease Proposal on space that featured first-floor access, building entry and lobby visibility, simple access, and only cosmetic Tenant improvements needed, which would provide the them with the space stability that they desired. Mitch then assisted WesBanco and their facilities department with reviewing the proposed Lease Agreement so that construction on the proposed space could begin forthwith. From start to finish, this assignment was completed in (106) days.

“Thanks for everything. You did a great job, from the initial meetings and property showings to the completion of the Lease Agreement. Thank you for your patience during the process. Your expertise throughout this real estate transaction was very helpful. We would all recommend you to our other Clients."
- Mike M. Senior Vice President & Senior Commercial Banker, WesBanco Bank, Inc.

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