A Milwaukee-based real estate investment trust has purchased a two-story, 24,000-square-foot office building just off Bluebonnet Boulevard for $10,485,714.
“It’s just a great building with great tenants,” says John Sweet, chief investment officer with Physicians Realty Trust, a self-management health care REIT.
The building, at 9118 Bluebonnet Centre Blvd., was constructed in 2003 and is home to Comprehensive Pain Management. According to sales documents, the seller is a limited liability company called YBR, represented by managing member Dr. Alexander Ingerman.
Sweet says his firm—officials of which were all formerly in the health care field and the portfolio of which only includes health care facilities—has picked up the building as an investment and does not plan any changes.
“We are very long-term holders,” he says. “The Street doesn’t reward us for flipping buildings. We were in health care long before we were in real estate, so we try to be partners with the physicians.”
The purchase in Baton Rouge marks just the second property in Louisiana that the Milwaukee-based REIT owns. Also in its portfolio is the 60,000-square-foot Crescent City Surgical Center in Metairie. The company has holdings in 16 other states, including in Mississippi, Texas, Georgia and Florida in the southeast U.S.
—Steve Sanoski
