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In the aggregate, the four buildings are 87.7% leased and were acquired at an average capitalization rate of 5.3%. The properties expand Healthcare Realty's presence in three of its top markets and extend its relationships with three market leading, investment-grade health systems.
The market is beginning to segment senior housing development in terms of income and affordability, says Key Bank's Lee Delaveris. Listen to our exclusive audio interview.
The location, near FedEx and UPS hubs, coupled with a Hendricks County 10-year tax abatement, will provide exceptional advantages for logistics users, says Curran Darling, DRG's senior vice president.
The respective properties were acquired through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding company, and a global institutional asset management firm. The properties will be leased back to the seller on a triple-net basis.
With the passing of one partner, Rubenstein determined that since cap rates for sales are attractive, and warehouse and logistical center property is in demand, it was a good time to sell, says Mandelbaum Salsburg attorney Owen Hughes.
Warren Thompson, a restauranteur and food and facilities management entrepreneur, brings oversight and finance experience to the nationwide industrial REIT.
The property is in a densely developed area on the employment-rich north side of Indianapolis, a demographic that presents strong opportunities for Emma Capital, says the firm's asset manager, Brian Rakowski.