Case Studies

Creating a vision for change for an eye center – and its owner

Eye Center of Southern Indiana

1011 West 2nd Street
Bloomington, Indiana 47403

The Eye Center of Southern Indiana

When it comes to medical facilities, Dr. Dan Grossman of the Eye Center of Southern Indiana knows a thing or two about expansion and growth.

Grossman’s practice began in a 1,200 square foot, three-room facility in Bloomington, Indiana. Within a few years, he doubled the size of his space and was soon looking for an even larger facility. In 1989, he moved into the current space – then 16,000 square feet – that includes an upstairs clinic and downstairs surgery center. By 2000, he once again doubled his space to 32,000 square feet. Today, the practice sees 35,000 patients annually and conducts 4,000 surgeries per year.

“Other than family, the eye center building was one of my favorite things in life. So when Physicians Realty Trust first approached me, I had no interest in selling. At most, I thought maybe I could get a free appraisal out of the process,” jokes Grossman. “So I agreed to meet with them.”

Accepting offer was an easy decision

After meeting with John Thomas, President and CEO with Physicians Realty Trust (traded on the NYSE as DOC), Grossman changed his mind about selling. The two discussed DOC’s current investments and future goals and decided to arrange a walk-through of Grossman’s facility. After the walk-through, Thomas and Grossman met again and this time, an offer was made.

“I was impressed with the organization and the facilities they are purchasing,” Grossman said. “I only had to think about the offer for a minute before saying, ‘Let’s go!’”

A shared vision for success

Grossman was so impressed with DOC that he – along with his wife and son – decided to invest in the company.

“Usually when you invest in a company, you don’t really know how it will turn out,” Grossman said. “But I know DOC better than any company I’ve ever invested in. The company has created a great culture and it’s because of the leadership from the top down. I have so much confidence in DOC and John Thomas. We share the same vision and it’s the type of group I want to be aligned with.”

DETAILS
Building Size
32,096 sq ft
Property Type
single-tenant
Space Available
no

Medical Office Building
CHI – St. Luke’s Springwoods Village
2016 was a game-changing year for the healthcare REIT industry, and at the center of it all were Physicians Realty Trust (NYSE:DOC) and Catholic Health Initiatives (“CHI”).
Medical Office Building
Avondale
When Integrated Medical Services (IMS) decided to divest ownership of four medical facilities, the group opted to work with DOC.
Medical Office Building
Minnetonka Medical Center
The Davis Group sold its eight Class A medical buildings to DOC after realizing the two organizations are aligned in their goals and objectives.
"I was impressed with the organization and the facilities they are purchasing. I only had to think about the offer for a minute before saying, 'Let’s go!"
Dr. Dan Grossman
The Eye Center of Southern Indiana