Indianapolis, IN – Global commercial real estate advisor Avison Young has arranged the sale of an industrial property at 2950 E Hanna Avenue in Indianapolis, IN for $1.5 million on behalf of seller Walsman Associates, LLC. The recently vacant 18,200-square-foot (sf) property was sold to 2950 Hanna LLC, a clothing and fabric restoration company, consisting of a 7,600-sf warehouse and 8,186-sf office space and an additional 2,414-sf storage warehouse. The property also includes .41-acre potential expansion land with an existing 3,113-sf single-family residence, providing owner with tenant income.

Avison Young’s Peter Seoane, Vice President, represented the seller, Walsman Associates, LLC. The buyer, 2950 Hanna, LLC was represented by Shelly Johnson of KW Commercial.

“The current Indianapolis industrial market continues to see softened leasing activity. With year-to-date development activity down 88.4%, existing assets are becoming more valuable,” said Seoane. “Given this property’s location in a primarily residential area and C-1 zoning designation, it is ideally suited for light industrial or distribution use. With this purchase, the buyer intends to keep jobs in the community, and the existing residential tenants in place, which we consider a win/win for the neighborhood.”

The buyer will utilize the property to expand their clothing and fabric restoration business and create space for 20 washers and dryers to optimize their workflow. Previous tenants include Jefferson Electric – which merged and consolidated operations at a Speedway property in 2024, and Ridgeline Construction, which relocated in February 2025. “This purchase enabled our sellers, in a challenging market, to recapture their original 2021 investment, with a 10% profit,” said Seoane.

“What is most significant about this transaction for us was the ability to procure a facility through an SBA 504 loan and subsequently pivot through market factors and exit the facility in a timely manner – helping us stay agile in a complex and continually fluctuating market, which was enabled by Avison Young. This is critical to growing businesses seeking to meet market demand while staying lean,” said Joel Walsman, Walsman Associates.