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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.

Louis Rogers, Triple Net's president, adds that while the Indianapolis market is stable--as is the healthcare real estate industry as a whole--the most appealing aspect of the property is its strong-credit tenant. "We were less concern about the market," Rogers tells GlobeSt.com. "This is a high-yielding bond because it's leased by a long-term tenant. Their rent is currently below market, and somewhere down the road, there may be potential to raise it."

The property was purchased from institutional investors advised by Prudential Real Estate Investors, which was represented by John Merrill and Andrew Banister of CB Richard Ellis. Prosky and Tania Konishi of Triple Net represented the tenant in common buyers. Financing was provided by LaSalle Bank and was arranged by EricTupler and Kirk Danley of CBRE|Melody.

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