GlobeSt.com - July 6, 2006
On behalf of its investors, Triple Net Properties LLC has purchased a two-building healthcare office property in Indianapolis, IN. 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.
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.
The property was purchased from institutional investors advised by Prudential Real Estate Investors. Triple Net represented the tenant in common buyers. Financing was provided by LaSalle Bank.
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Thursday, July 06, 2006
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