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Med-Asset Portfolio Sale Tops $80M

INDIANAPOLIS-A joint venture of Trammell Crow Co.'s Partners Health trust subsidiary and a state retirement system acquires 463,000 sf of medical office space here in seven buildings, most of them on the campuses of two healthcare systems.

By Brian K. Miller | Updated on April 19, 2005

INDIANAPOLIS-A portfolio of seven medical office buildings here has changed hands for more than $80 million. The 463,000-sf portfolio is primarily located on the Indianapolis hospital campuses of two healthcare systems: Sisters of St. Francis Health Services and Ascension Health. The portfolio was acquired by PHT Investment Holdings LLC, a joint venture fund of Trammell Crow Co.’s Partners Health Trust subsidiary and a state retirement system advised by Morgan Stanley Real Estate. Tom McNearney, senior managing director of Trammell Crow’s investment management group, tells GlobeSt.com the seller was Bremner and Wiley, a locally based healthcare developer and manager focused on the Midwest. The company developed, owned and managed the portfolio and has been retained to provide management and leasing services for the portfolio, says McNearney. The portfolio consists of five recently developed buildings and two that are under development, one property that is undergoing a renovation and another renovated that is under construction. McNearney says the five recently developed buildings are stabilized and forward purchase agreements are in place for the other two properties. The portfolio is the first purchase by PHT Investment Holdings LLC. McNearney, who heads up the JV, declined to name TCC’s state retirement trust partner or provide the portfolio’s purchase price, which he describes as “more than $80 million” and “not $100 million.” TCC created Partners Health Trust in 2004 for the purpose of acquiring on-campus medical office buildings from healthcare systems around the country. It provides nonprofit hospitals and healthcare systems a way to “monetize” their non-core real estate assets.

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