Medical Behavioral Hospital of Indianapolis trades
JLL Capital Markets represented Medistar in the sale of the 42,000-square-foot facility
BOSTON, Jan. 3, 2024 – JLL Capital Markets announced today that it arranged the sale of the Medical Behavioral Hospital of Indianapolis, a 64-bed, 42,609-square-foot inpatient behavioral facility located in the fast-growing Indianapolis metro suburb of Greenwood, Indiana.
JLL worked on behalf of the seller, Medistar, and arranged acquisition financing for the buyer.
Recently constructed in 2022, the facility offers general acute care psychiatric services for a medically complex patient population. It is the second location in Indianapolis NeuroPsychiatric Hospitals (NPH), a provider of inpatient behavioral health services with seven hospitals open today.
The Medical Behavioral Hospital of Indianapolis features 64 beds and is leased under a long-term absolute net lease with 19 years of remaining lease term. The hospital, strategically located along Interstate 65 and in close proximity to the 209-bed St. Francis Hospital and Health Center, serves as an important strategic expansion for NPH to address the growing demand for behavioral medical care in the Southern Indiana, Kentucky, and Ohio areas.
The JLL Capital Markets team was led by Seniors Managing Director Mindy Berman, Managing Directors Brannan Knott and Tim Joyce and Directors Vasili Davos and Anthony Sardo.
"Investor interest in behavioral health is keen as demand for services has grown at a rapid pace,” said Berman. The psychiatric care operator’s experience with multiple locations along with the property’s strong performance and favorable lease terms make it an attractive asset for investors seeking exposure to the behavioral sector within healthcare properties."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Medistar
Medistar Corporation is a real estate development company headquartered in Houston, Texas, and has developed 12 projects nationwide for PAM Health over the past decade. As it has since 1974, Medistar specializes in the development, financing, and acquisition of real estate across the United States. Complementing its primary focus in healthcare facility development, Medistar is active in the development of multifamily, commercial, and mixed-use projects. In Houston, Medistar completed development of the 35-story LATITUDE Med Center apartment tower and adjacent 22-story InterContinental Houston Medical Center hotel at the Texas Medical Center (TMC), and is the public-private partnership (P3) developer for the Texas A&M University System on the 2 million square foot, $550 million Texas A&M Innovation Plaza, now in construction at the TMC. Please visit www.MedistarCorp.com and www.HorizonTowerTMC.com, and call 713.266.8990 for more information.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.