The Heart Center Medical Group building is a 78,745 square foot medical office building located on the Lutheran Hospital Campus in Fort Wayne, IN. The area’s residential growth has been driven by its excellent access to major thoroughfares in the area such as, Interstate 69, West Jefferson Boulevard, Illinois Road (State Road 14), and the overall desirability of the area and its terrain for residential development.
The subject site was purchased in 2007 in anticipation of a short-term hold. Due to our ability to capitalize on our affiliate network, we were able to lock down the purchase contract with limited competition. We secured a long-term, fixed rate loan on the facility through a close lending relationship. With the long-term sustainability and profitability of the Heart Center’s operations, it quickly became a very attractive asset for buyers. The Heart Center was sold to a 3rd party buyer soon after the purchase which yielded a high return for the investors. Although the long-term viability and profitability of the asset fit our Company goals, the decision to sell was very attractive given the current market conditions and extreme buyer enthusiasm.