CBRE Advises Sale of APAC Surgery Center in Crown Point, Indiana, for AMRA Partners

CBRE has advised the sale of APAC Surgery Center, a 13,200-square-foot ambulatory surgery center located at 11450–11460 S. Broadway in Crown Point, Indiana, on behalf of seller AMRA Partners. The transaction, announced Sept. 2, 2026, involves a fully leased healthcare property positioned within Crown Point's primary medical corridor, roughly 40 miles southeast of downtown Chicago.

Deal Team and Advisory Structure

Chris Bodnar, Brannan Knott, Zack Holderman, Anthony Sardo, Cole Reethof and Jesse Greshin of CBRE U.S. Healthcare Capital Markets served as exclusive advisors to the seller alongside Chris Manassero of CBRE U.S. Healthcare Capital Markets' Private Capital team. Cyrus Felfeli and Chris Bosworth of CBRE's Net Lease Properties Group and Kevin Broderick of CBRE's Indianapolis team also participated in the advisory assignment.

"The two leases at APAC Surgery Center operate together as one integrated clinic, providing the stability and simplicity of a single tenant net leased asset," said Manassero, an Associate with CBRE's Healthcare Private Capital Group. "APAC demonstrates exceptional financial strength and is a highly reliable long-term operator."

Tenant Profile and Lease Structure

The property is 100% leased to Advanced Pain & Anesthesia Consultants, P.C. and APAC Surgical Center II, LLC, which together operate as APAC Centers for Interventional Pain. Both tenants function under DxTx Pain & Spine, a nationally scaled management services organization with more than 100 providers, more than 60 facilities, and more than $50 million in backing from BC Partners Credit.

CBRE described the dual-lease structure as functioning effectively as a single-tenant net-leased asset, given the integrated clinical operations of the two occupants.

Location and Market Context

APAC Surgery Center sits along South Broadway within Crown Point's established medical corridor in Northwest Indiana. The site benefits from proximity to Broadway Street/U.S. 53, which carries approximately 13,958 vehicles per day, 109th Avenue at approximately 16,122 vehicles per day, and Interstate 65 at approximately 54,608 vehicles per day. The surrounding healthcare ecosystem includes Franciscan Health, Methodist Hospitals, UChicago Medicine, Lakeshore Bone & Joint, and a range of specialty groups, reinforcing the submarket's depth as a regional medical destination.

Healthcare Real Estate Market Conditions

The transaction comes during a period of stable fundamentals in the healthcare real estate sector. Medical outpatient building vacancy stood at 9.8% at midyear 2026 and is expected to finish the year near 9.7%, reflecting steady demand against a backdrop of declining new supply. Construction completions for medical outpatient buildings declined in 2025 and are projected to fall an additional 26% in 2026, a dynamic that supports pricing for stabilized, income-producing assets.

Cap rates for stabilized outpatient facilities have generally ranged between 6% and 8% in 2026, with credit-backed net-lease transactions frequently pricing in the mid-6% range. The average medical outpatient building cap rate reached 6.9% in 2026, down 13 basis points year over year and below 7% for the first time since late 2024.

CBRE's broader capital markets platform has seen net-lease investment volume rise 13% year over year to $12.8 billion in the second quarter of 2026 and 14% to $57 billion over the trailing year.

About the Seller

AMRA Partners acquires and manages medical office properties in select U.S. growth markets. The firm focuses on healthcare real estate assets it identifies as positioned for long-term value creation and stable cash flow, with a stated emphasis on demographic tailwinds including an aging population and rising outpatient utilization.

Sources: CBRE Press Release