The portfolio includes about 689,000 sf of leasable area, with 325,000 sf made up of offices for Clarian healthcare affiliates, including Methodist Hospital, Indiana University Hospital and Riley Hospital for children. The properties leased to Clarian are near or right off of Interstate 465 that surrounds Indianapolis, and were arranged as part of the company's "Beltway Strategy" that started in 1993, with the intent to provide a network of medical facilities and services to the communities and businesses near the highway. Most of the properties are anchored by outpatient centers with ancillary programs such as ambulatory surgery centers, imaging centers and primary care practices.

The portfolio is 91% leased. "Clarian…(is) a high quality credit tenant that provides stability to the rent roll," said Danny Prosky, EVP with the REIT, in a statement. In a recent SEC filing, the company said it financed the purchase price using a secured loan of $58 million form Fifth Third Bank, $32.7 million in borrowings under a secured revolving line of credit with LaSalle Bank National Association and KeyBank National Association, and the remainder of the funds raised through an initial public offering.

Stefan Oh, a VP with the REIT, tells GlobeSt.com that this is an expansion by the trust into the city. "Clarian is a large provider out there," Oh says. "We think this asset class is doing very well. You also don't see the fluctuations in this kind of asset class than in others, it's just steady growth."