SANTA ANA, Calif., March 28 /PRNewswire/ -- Grubb & Ellis Healthcare REIT, Inc. today announced the acquisition of Epler Parke Building B in Indianapolis.
Located at 5550 South East St., Epler Parke Building B is a single story multi-tenant medical office building consisting of approximately 34,000 square feet of gross leaseable area.
Built in 2004 on approximately four acres, the 95 percent leased property offers 196 parking spaces and is accessible by Interstates 465 and 74, as well as State Highway 31 and Highway 37.
"Epler Parke Building B's location in the expanding south Indianapolis market adds to the attractiveness of this acquisition," said Danny Prosky, Vice President of Acquisitions for Grubb & Ellis Healthcare REIT. "The property is located near Community Hospital South, one of the area's leading medical centers, and in a region where demand for healthcare services is growing. This is an ideal combination for Grubb & Ellis Healthcare REIT."
Community Hospital South recently launched a $130 million, 194,000-square- foot expansion that will include a new five-story patient tower, an expansion of the hospital's surgical services, renovation of all existing units to private room, an expanded lobby and additional outpatient services. The expansion follows the 2007 openings of Community Hospital South's new emergency department and the renovation of the on-campus Indiana Surgery Center South. According to Community Health Network, a not-for profit health system with more than 70 sites of care throughout central Indiana, which includes Community Hospital South, the expansion is in response to growing demand for medical services in the region.
Grubb & Ellis Healthcare REIT also owns Epler Parke Building I, along with Southpointe Office Park, medical buildings located just three miles south of Epler Parke Building B. According to Prosky, this regional clustering of properties should enhance stockholder value.
|SOURCE Grubb & Ellis Healthcare REIT, Inc.|
Copyright©2008 PR Newswire.
All rights reserved