Avison Young Negotiates Sale of Four-Building Medical Office Portfolio in Chicago Suburbs
74,422 SF Presence Cancer Center portfolio is tied to strong regional hospital systems
April 17, 2018
1600 W. Route 6, Morris, IL
CHICAGO, IL – Avison Young announced today that it has negotiated the sale of a four building, 74,42-square-foot medical office portfolio in Chicago’s suburban market.
The JOHA Cancer Center portfolio includes buildings located at 2614 W. Jefferson and 254 Republic Avenue in Joliet, IL; 668 Cedar Crossing Drive in New Lenox, IL; and 1600 W. Route 6 in Morris, IL. All four buildings are 100% leased to nationally recognized healthcare tenants with strong ties to local and regional healthcare systems.
Avison Young Principals Erik Foster and Mike Wilson, both based in the company’s Chicago office and members of the firm’s national healthcare capital markets group, represented the seller, a partnership of physicians associated with Joliet Oncology Hemotology Associates (JOHA). The Chicago team worked in conjunction with Avison Young Principals Chip Ryan and Jim Kornick in the firm’s Washington, DC office.
The buyer was Community Healthcare Trust, based in Franklin, Tenn. Financial details were not disclosed.
“The properties are mission critical for the tenants’ core cancer care operations, providing tremendous stability from an investment standpoint.” comments Wilson, “and with that drives significant cost as the properties traded at some of the highest per square foot pricing seen for MOB’s in the Chicago market”
The properties include:
- 2614 W Jefferson Joliet, IL, a 39,171-sf building that is leased to Presence Cancer Care center and is adjacent to Presence Saint Joseph Hospital.
- 254 Republic, Joliet, IL, an 8,876 sf building that is leased to Future Diagnostics and is directly adjacent to Presence Saint Joseph Hospital. Future Diagnostics is a state-of-the-art women’s diagnostics center.
- 1600 W Route 6, Morris, IL, an 18,470-sf multi-tenant building that is leased to Morris Hospital, which is Morris Hospital’s sole oncology center along with Presence Cancer Care.
- 668 Cedar Crossing, New Lenox, IL, a 7,905-sf building that is leased to JOHA Cancer Care and is located adjacent to the new Silver Cross Hospital campus in New Lenox, IL.
2614 W. Jefferson, Joliet, IL
The Foster and Wilson team has over 30 years of combined experience in investment sales, providing asset advisory, disposition and sale-leaseback services to commercial property owners throughout the country. The team has completed transactions totaling more than $4 billion. Both are principals of the firm.
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Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
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