November | 2023
Echo Real Estate Capital acquires 33,000-square-foot medical office building in Indianapolis market
Echo Real Estate Capital, Inc. (“Echo”) announces it has acquired Three Penn Mark, a 33,000 square foot medical office building located in the Penn Mark Plaza office park in Carmel, Indiana.
This latest acquisition, located at 11455 N Meridian Street, is occupied by Ascension-St. Vincent, Turkle & Associates Center for Plastic Surgery, and Abram’s Eyecare – a third generation practice with three locations. Echo’s Indianapolis portfolio now includes five buildings and nearly 200,000 square feet of hospital anchored clinical medical space.
“This is a great asset in the heart of the North Meridian Medical corridor,” said Echo Principal Jon Boyajian. He added, “This sub-market represents the highest concentration of hospital campuses, health systems, and private physician groups in the entire state. The building has a tremendous presence right on Meridian and is surrounded by daily needs amenities offering convenience for patients and providers.”
Three Penn Mark is currently 100% occupied giving Echo an opportunity to further increase value through proactive property management and several capital improvement initiatives. Financing for the project was provided by FORUM Credit Union and T2 Capital Management. The seller was represented by Colliers International and the buyer was represented by Jackson Investment Group.
Boyajian concluded with, “Indianapolis has been a great market for us. Our portfolio now features three of the top four area health systems and some of the most prominent physician groups in the region. And, for us to get this one done in such a difficult lending environment, makes it really special.”