Tampa REIT buys suburban Indianapolis medical building for $39 million

Tampa-based Sila Realty Trust has bought an Indiana inpatient rehabilitation facility for $39 million.

The two-story facility is in Brownsburg, a city just northwest of Indianapolis. The seller was the Alabama medical developer Capital Growth Medvest, which opened it in May.

Sila, in a statement announcing the purchase, says the 40-bed, 56,000-square-foot inpatient center sits on 12.2 acres. It is fully leased to Community Health Network Rehabilitation Hospital West, a joint venture between Community Health Network and Lifepoint Rehabilitation, a business unit of Lifepoint Health.

According to the statement, Community Health treats patients at the site recovering and suffering from strokes, traumatic brain injuries, spinal cord injuries, complex neurological disorders, orthopedic conditions, multiple traumas and amputations.

Sila, a REIT operating out of offices in Water Street Tampa, owns more than 132 properties and two undeveloped parcels in 58 U.S. markets.

The company has been on a buying spree of sorts. In October it bought a 104,912-square-foot medical office building near Chicago for $59.95 million. That followed the purchase of a three-building medical office complex in Washington state for $8.5 million and a medical office building outside of Pittsburgh for $14 million.

This after selling 29 data center properties in 2021 to a Singapore-based company for $1.32 billion.

According to its third-quarters earnings report released in November, Sila's net operating income was up 2.9% to $43.5 million when compared to the same period the previous year.