Three Hancock County organizations to acquire Elanco’s Greenfield HQ
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A trio of Hancock County organizations has acquired the Elanco Animal Health Inc. headquarters in Greenfield, which Elanco plans to start vacating next year.
Real estate and equity investment firm Pride Investment Partners LLC, independent health network Hancock Health and energy cooperative NineStar Connect said Wednesday they collaborated on the purchase of the 20.4-acre site through a joint venture called HealthStar Partners.
The seller was a subsidiary of Beverly Hills, California-based real estate investment firm Triumph Properties Group. A purchase price wasn’t disclosed.
The move comes as work continues on Elanco’s new global headquarters at the former General Motors stamping plant site in Indianapolis, which is set to open in the second quarter of next year. The company has a lease for its Greenfield corporate campus, which is just north of Interstate 70, through mid-2027.
“The acreage and its prominent location present a lasting economic development opportunity for Greenfield and all of Hancock County,” HealthStar Partners said in a written statement. “As the city and county continue to grow, quality businesses will be looking to locate here, and this location will be ideal for them.”
Hancock Health, which operates the Greenfield hospital and a newer medical facility at Mount Comfort Road and I-70, plans to use at least a portion of the 224,000-square-foot, 14-year-old facility for medical offices and a new wellness center, said CEO Steve Long. The network has a wellness center in McCordsville as well as an existing facility in Greenfield, on West New Road, about a mile southwest of the Elanco property.
“Elanco has been an incredible asset to our community, and we are pleased that ownership and occupancy of the campus will remain local so we can ensure future development of the property enhances and supports the vision of Greenfield and Hancock County,” Long said in written comments. Additionally, Hancock Health has desired a location for a medical office building and wellness center near the interstate in Greenfield, and we hope to utilize a portion of the Elanco campus for these long-term plans after Elanco relocates to Indianapolis.”
Pride Investments owns the burgeoning Leo’s Market and Eatery gasoline and restaurant chain that has locations in Greenfield, southeast Indianapolis, McCordsville and Noblesville, with additional stores in the works. The company also owns a four-acre parcel at the entrance to Progress Park—the formal name of the business park where Elanco’s headquarters are located—with a portion of that site now being developed into a Starbucks coffee shop.
“Pride Investment Partners is a ‘community first’ investment firm dedicated to fostering developments with pride, passion, and purpose,” company president Stephanie White Longworth, said in written remarks. “We believe in the power of local businesses and strive to create opportunities that benefit the communities in which we live and work.”
Longworth did not indicate Pride’s immediate plans for its interest in the property, but HealthStar as a whole indicated it would work with local leaders and residents to identify worthwhile projects for the business park. In a release, the group said it planned to “thoroughly review and plan future development opportunities for the property.” HealthStar also committed to keeping the property under ownership of locally-based individuals and businesses.
NineStar CEO Michael Burrow said the not-for-profit co-op, which provides water and sewer, electric and internet services across Hancock County, is “excited for this opportunity and what it presents for the future.”