INDIANAPOLIS-Community Hospitals of Indiana Inc. has renewed its lease of a 39,000-square-foot building here at 10122 E. 10th St., known as the Community Medical Pavilion. The health care firm signed another long-term lease for the property, which is owned by Scottsdale, AZ-based Healthcare Trust of America Inc.
The building is 100% leased to Community, one of the largest tenants of medical office buildings in the Indianapolis area. The company also recently leased more than 42,000 square feet at 2025 Rama Pl. in the city’s East submarket.
Mark Engstrom, EVP for acquisitions for Healthcare Trust said the company owns more than 35 medical office buildings in Indianapolis, comprising about 1.2 million square feet. He tells GlobeSt.com that the trust is very bullish on the MOB market, especially if the property is on, or directly across from, a hospital campus.
“We love the fundamentals,” Engstrom says. “We have more than 8.5 million square feet across the country of medical office, and we have 90% occupancy and a 90% renewal rate. This property type has become more visible in the past 18-24 months, it’s a defensive real estate investment for people that got burned in other types of real estate.”
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.