December | 2018
Echo Development Group, Inc. Acquires Medical/Office Property in Indianapolis Suburb
Echo Development Group, Inc. announces it has acquired its third medical/office property in Greenwood, Indiana – a near-south suburb of Indianapolis.
This latest acquisition, a 12,000 square foot multi-tenant building, is located at 973 Emerson Parkway and is adjacent to an asset purchased by Echo earlier in the year as part of an 88,000 square foot, $21M portfolio acquisition. The purchase price was approximately $1.8M. Existing tenants in the building include a dental practice and a real estate office. Echo has plans to add additional medical tenants and ancillary medical-oriented office users in the vacant suites.
Echo Development Principal, Jon Boyajian, had this to say about the acquisition, “We’ve been very pleased with our first two Greenwood buildings. They’re both around 95% occupied and stabilized. We ran into a situation where we couldn’t accommodate some of the tenants we were talking to, so we looked for another way to grow the portfolio. It was a natural fit.”
With the latest acquisition, Echo now controls over 100,000 square feet of medical/office space within the sub-market and is looking for more opportunities. “We have some other deals we are tracking on the north side of Indianapolis. Overall, we really like the Indianapolis market fundamentals and see a real opportunity within the healthcare space,” he continues, “This additional acquisition plays into our broader business plan to acquire medical office buildings on a national basis.” added Mr. Boyajian.
Echo Development Group, Inc. is an acquisition and development firm based in Chicago, IL. Echo’s primary focus is healthcare, retail and industrial assets as well as nationwide programmatic build-to-suit development.