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1031 Players Invest $101M in Healthcare Asset

INDIANAPOLIS-Triple Net Properties LLC, acquires 220 Virginia Ave., a healthcare office property, on behalf of tenant in common investors for $100.8 million.

By Dana Dubriwny | Updated on July 06, 2006

(To read more on the debt and equity markets, click here.)

INDIANAPOLIS-On behalf of its investors, Triple Net Properties LLC has purchased a two-building healthcare office property here. The 100%-leased asset, located at 220 Virginia Ave., was purchased for $100.8 million.Dan Prosky, managing director with Triple Net’s healthcare properties division, says the quality of the asset, the sustainability of the tenant and an attractive 7% cap rate in the first year made the deal viable for the company’s investors. While it is too early to tell what the plans for the property will be, Prosky tells GlobeSt.com that the asset will be reviewed annually for possible sale.

The plaza includes two, five-story office buildings of approximately 562,000 total gross sf. The property includes surface parking next to the buildings and a long-term agreement with the City of Indianapolis for 2,000 spaces at the adjacent Conseco Fieldhouse garage. The property was constructed in 2000 as a build-to-suit for Anthem Insurance Cos. Inc. and is currently fully occupied by Anthem on an absolute net basis.

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