Echo Real Estate Capital, Inc. has acquired its fourth medical office asset in Greenwood, Indiana, a near-south suburb of Indianapolis.
This latest acquisition, a 57,000 square foot multi-tenant building at 555 County Line Road, is anchored by Community Health and Goodman Campbell Brain & Spine and represents Echo’s fourth acquisition in the sub-market.
Echo’s Indiana portfolio now totals nearly 160,000 square feet of clinical medical space. Echo acquired the other three assets, which are currently 93% occupied, in 2018.
555 County Line is currently 64% occupied giving Echo an opportunity to further increase value by attracting more clinical and behavioral tenants to the building. In addition, Echo plans to undertake several capital improvement initiatives including a lobby renovation, roof replacement, parking lot repairs, and landscaping upgrades. Financing for the project was provided by Wintrust Bank.