Urban Growth Capital

Development and Redevelopment Opportunities Throughout the United States.

The Urban Growth Capital (UGC) team has over 50 years of combined commercial real estate experience in brokerage, development, capital raising, CMBS workouts, real estate technology, property management, and construction.

This broad experience, combined with CARMEN Commercial Real Estate’s national experience representing hundreds of clients in most industries, gives UGC unique exposure to development and redevelopment opportunities throughout the United States.  UGC is strongly positioned to identify under-performing assets and opportunities that can be improved by implementing thoughtful and creative leasing, redevelopment, and management strategies with the objective of increasing building occupancy, rents, and maximizing NOI.

The Urban Growth Capital Team

In addition to UGC’s in-house team, the firm’s professional resources include the most experienced and respected in design, engineering, construction, and real estate finance. UGC’s deep bench of professionals allows the company to draw on these resources on a project-by-project basis, while maintaining ongoing efficiency in asset management.

Chris began his commercial real estate career in 1985 with Duke Realty Corporation. While at Duke, his responsibilities included office and industrial property leasing, culminating with his role as Vice President of Duke Realty Corporation’s Indiana Office Group. In 1993, he founded Carmen Commercial Real Estate Services.

His vision was to create a firm that specialized in tenant representation, free from the conflicts of interest inherent in traditional, full service brokerage firms. Since then, Carmen has represented over 400 businesses in transactions within Indiana and throughout the country.

Chris was a founding board member and served on the Board of Directors of TechPoint (previously the Indiana Software Association and Indiana Information Technology Association), Indiana’s statewide technology initiative, from 1999 to 2008. He has served on a number of nonprofit boards, including the TechPoint Foundation, a venture philanthropy organization incubating select science, technology, engineering, and math (STEM) programs that impact Indiana school-aged children in underserved populations.

A native of Chicago, Chris graduated from Elmhurst College where he graduated with degrees in Finance and Business Administration. He has authored two publications: How to Search and Negotiate Office Leases and The Office Relocation Planner.

Nick is a native of Chicago, but grew up in Carmel, IN.  He attended Indiana University – Bloomington where he majored in Finance/Management with a real estate focus.  After graduation, Nick became a commercial broker in Chicago for 9 years with an office and industrial focus. During that time, he gained valuable experience working with tenants, landlords and lenders to maximize the value of their real estate holdings and lease obligations.

In 2014, Nick career took a different path when he co-founded a real estate tech company, which today is a market leader in multi-family real estate applications.  Nick Joined the CARMEN team in the Summer of 2020 as the Director of Corporate Services where he is responsible for managing lease portfolios and providing location programing and strategy for CARMEN’s national clients.  Nick uses his broad commercial real estate experience and his unique experience in the real estate technology industry to deliver the best value and experience to clients, while maintaining CARMEN’s philosophy of providing each client with customized real estate solutions to meet their specific needs.

Jake grew up a Hoosier, in Fort Wayne, Indiana and attended Indiana University – Bloomington where he majored in Finance and graduated from the Mitte Honors Business program within the Kelley School of Business.  Since graduation, Jake has worked in a variety of industries including wealth management, derivatives trading, and alternative asset management where he developed extensive experience in financial planning and analysis, capital raising, budgeting, and customer relationship management.

After spending a decade in Chicago, Jake and his wife Kara decided to move back to the Hoosier state with their 3 children and plant new roots in early 2021.  Jake joined CARMEN and UGC in May of 2021 and will be using his broad experience in finance to facilitate UGC’s pursuit of value add Commercial Real Estate properties.

Leslie joined the CARMEN Commercial Real Estate team after being a small business owner in the Central Indiana area for 14 years. Her business was within the realm of commercial real estate and heavily focused on account management within the industrial, educational and healthcare industries.

Prior to owning her own business, Leslie worked in property management where she gained tremendous experience and skills working with commercial real estate tenants and managing a large commercial real estate portfolio totaling over 2.8M square feet of space. Her experience ranged between managing American Business Center, a light industrial / flex development, to Peachtree Center, a high-profile Class “A” office development in downtown Atlanta, Georgia. This experience provided Leslie with a skillset that adds value to CARMEN’s corporate tenant-clients by understanding needs and motivations of commercial landlords, and how they can be leveraged to best serve our clients.

At CARMEN, Leslie works within our Corporate Real Estate team, where she manages client sites across the U.S. in the areas of corporate lease administration, office set up and decommissioning, and multi-site office management.

Leslie is a graduate of California Coast University with a bachelor’s degree in Health Care Administration. She lives in Frankfort, IN with her husband, Greg, and her two children, Peyton and Jared.

6855 Shore Terrace | Indianapolis, IN

Property Description

Urban Growth Capital and North Companies, as the General Partner, are pleased to offer investors the opportunity to acquire a Limited Partner ownership stake in the 100% fee simple interest in 6855 Shore Terrace (the “Property”), a 37.3% leased, premier medical office investment located on the north side of Indianapolis.

The 42,627 square foot, two-story medical office property is situated upon 132,422 square feet of land. The Property’s first floor consists of three suites, totaling 22,428 RSF, and one current tenant, Fresenius Kidney Care. The Property’s second floor consists of five suites that can be combined, totaling 20,222 RSF, and one current tenant, Help at Home.

The Property is located approximately 10 miles from the Indianapolis Downtown area. It is a part of The Eagle Highlands Business Center, which houses a variety of businesses and medical offices. The Property is in close proximity to various IU Health Methodist medical office buildings, an outpatient center, and the Rehabilitation Center of Indiana. It features high traffic counts, ample parking, and a modern design.

Within 1-mile, demographics include an average household income of $52,500, an average home value of nearly $132,000, and a total population of 16,542.

Building Details:

  • Acquisition Price:
  • $3,525,000
  • Gross Leasable Area:
  • 42,627 SF
  • Occupancy:
  • 37.3%
  • Property Type:
  • Medical Office
  • Ownership Offered:
  • Fee-Simple, Free & Clear of Debt
  • Market:
  • Indianapolis, IN
  • Address:
  • 6855 Shore Terrace
  • 1-Mile Demographics:
  • Population: 16,542, Average Household Income: $52,637
  • Median Home Value:
  • $131,834
  • Public Transit:
  • IndyGo Bus Transit: 9,245,048 annual riders

Urban Growth Capital Announces New Indianapolis – Chicago Commercial Real Estate Investment Partnership

INDIANAPOLIS, INDIANA. A partnership between Indianapolis based Urban Growth Capital , Bright Point Real Estate and Chicago based North Companies recently acquired the Shore Terrace Medical Center, a 42,627 square foot Class A Medical Office Building on Indianapolis’ Northwest side

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Leasing & Contact Info

Nick Carmen


8900 Keystone Crossing Suite 905
Indianapolis, IN

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    1040 N. Halsted Street
    Chicago, IL