IBJNews

Mainstreet Property affiliate stages $110M IPO

Back to TopCommentsE-mailPrintBookmark and Share

A local affiliate of Cicero-based Mainstreet Property Group LLC said Wednesday that it raised $110 million in an initial public offering.

HealthLease Properties Real Estate Investment Trust sold 11 million shares of stock at $10 each. The stock began trading Wednesday morning on the Toronto Stock Exchange under the ticker symbol HLP.UN. Shares were fetching $10.12 in early trading.

Mainstreet disclosed its intentions for the IPO  May 2.

The companies develop and operate senior health care centers. Mainstreet is rolling nine of its properties—and six more it plans to acquire in Canada—into HealthLease and will own 18 percent of that publicly traded company.

Zeke Turner, CEO of HealthLease and Mainstreet, said in a statement: “It is humbling to see the interest investors have expressed in this offering. We will work hard toward our goal of maximizing shareholder value.”

Turner founded Mainstreet in 2002. The company has ranked among the fastest-growing companies in the Indianapolis area in recent years. It had revenue of $9.6 million in 2010, up from $6.3 million in 2008.

Going public in Canada can be cheaper for small and mid-size companies because of fewer regulations. Initial public offerings by REITs have been particularly well received.

Mainstreet properties being rolled into HealthLease include facilities in Indianapolis, Alexandria, Marion, Valparaiso, Mishawaka and Wabash.

HealthLease plans to lease its senior-care centers to long-term operators that are responsible for all services to residents and maintenance of the buildings, which theoretically minimizes risk to investors.

Both HealthLease and Mainstreet will remain headquartered in central Indiana.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Again, Maria.... how much are YOU contributing? The man doesn't HAVE to give a red cent! What don't you get about that? And, I know this might actually require some actual "facts", but can you please point me to the parking garage that the city gave to him?

  2. Another internet tuff guy I see. And what would the basis of taking the person to jail? If they were drunk, yea. But if not, there would be no jailable offense. All these gestapo, Nazi, jackboots are running SCARED. When the SHTF in this country who's side are you going to be on? The citzens, or the establishment? Better make up your mind quick because it's not far off. I would rather be trying to make friends than enemies. But no worries my "friend", God will take care of you and your likes in good time. It tells us that in the bible. If you stand, support and help carry out the plans of evil rulers, you will NOT be spared the wrath of God. That simple. All you can do is repent now and ask God to forgive you.

  3. Yes, Ersal, thank you for donating a whole $75,000, while the city gives you a parking garage for free and is going to pay for a multi million dollar stadium for you. I'd be donating money too if I was on welfare.

  4. I live and work in Broad Ripple and agree 100% that the traffic is not a significant problem. It can be slow at some times, but hey...this is an urban area. As for the development itself...HOORAY. Office and retail development brings people during the day, something that our community needs much more of. Thank goodness people are finally waking up to take advantage of the serene White River views. The BRVA land us committee endorsed the project because they know how these kind of projects help offset the cries of "too many bars". Pray that this development, and the proposed major investment by Browning, move forward. And remember Good Earth, these will mean hundreds of daytime people - potential shoppers for your store.

  5. Under current, previous existing law, this new law would be unconstitutional. Not that supposedly having to have a driver's license to drive isn't in the first place.

ADVERTISEMENT