News & Analysis: JV partners pay $80 million+ for MOBs

CROW UNIT AND INSTITUTIONAL PARTNER BUY BREMNER & WILEY ASSETS

By Murray W. Wolf

In a transaction valued at more than $80 million, a wholly-owned subsidiary of Trammell Crow Co. (NYSE: TCC) has teamed with an institutional partner to make its first acquisition: seven Indianapolis medical office buildings (MOBs) totaling 463,000 square feet.

PHT Investment Holdings LLC announced the deal April 19. The joint venture partners are Partners Health Trust (PHT), a Trammell Crow subsidiary, and what the announcement identified only as “a prominent state retirement system advised by Morgan Stanley Real Estate.” The seller was Indianapolis-based Bremner & Wiley Inc., which developed, owned and will continue to manage the MOBs.

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