Indianapolis-Area MOB Changes Hands

Montecito Medical expanded its portfolio with a Class A, 42,000-square-foot asset in Greenwood, Ind. Two health-care tenants fully occupy the two-story building.
679 E. County Line Road
679 E. County Line Road

Montecito Medical has acquired a two-tenant, 42,000-square-foot medical facility in Greenwood, Ind. The two-story asset was built-to-suit for Urology of Indiana and Integrated Cancer Care. The first tenant, which ranks as the 15th largest urology practice in the U.S., occupies 83 percent of the Class A building. 

Built in 2009 at 679 E. County Line Road, the facility is roughly 3 miles of the 462-bed Franciscan Health Indianapolis Hospital and less than 13 miles south of downtown Indianapolis. The property provides easy access to Interstate 65 as well as several shopping centers.

“This asset offers very strong fundamentals, a history of 100 percent occupancy and tenants that are leaders in their market,” said Chris Conk, senior vice president for acquisition & principal at Montecito Medical, in prepared remarks.

The deal comes only four months after Montecito entered the Minnesota market by acquiring a 31,775-square-foot medical office building in Willmar.

Image via Google Street View