Lillibridge has acquired a major medical office portfolio in its own backyard: the seven-MOB Advocate Portfolio in the Chicago area.
Photo courtesy of CBRE
Lillibridge didn’t need to travel far to find its newest medical office portfolio acquisition.
Lillibridge, and its parent company, publicly traded Ventas (NYSE: VTR), are both based in Chicago, whose metropolitan area is home to the seven buildings offered in the in the Advocate Medical Office Portfolio. Lillibridge/Ventas closed on the 408,734 square foot portfolio in recent weeks for a price that has yet to be disclosed nor included in filings with the U.S. Securities and Exchange Commission (SEC).The sales process was “very competitive,” says one of the brokers marketing the properties, Chris Bodnar of the Healthcare Capital Markets Group of CBRE Group Inc. (NYSE: CBG). “There were 80 confidentiality agreements signed, and we gave about 15 tours and received 10 offers, and it was very close for the top four bidding groups,” Mr. Bodnar told Healthcare Real Estate Insights™ in an interview just before this edition went to press.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
Comments are closed, but trackbacks and pingbacks are open.