On the heels of Colliers deal, private investor pays $240 million for eight MOBs
By John B. Mugford
It looks as if it’s business as usual for private equity investor Harrison Street Real Estate Capital – just as industry sources had predicted – in the aftermath of the Chicago-based firm’s sale of a 75 percent stakeof the company to Colliers International Group Inc. (NASDAQ and TSX: CIGI) for $450 million.
Shortly after announcing the Colliers deal, , which closed last month, Harrison Street was right back to doing what it has done rather frequently since its founding in 2005: acquiring healthcare, student housing and apartment properties.
In its most recent healthcare real estate (HRE) acquisition, a sale-leaseback, the investor paid $240 million for a portfolio of eight suburban Chicago medical office buildings (MOBs), buying the properties from a physicians practice with an ambitious growth strategy: Downers Grove, Ill.-based DuPage Medical Group.
The information concerning the Harrison Street-DuPage deal comes by way of two commercial real estate research firms, Revista, based in Arnold, Md., and Real Capital Analytics (RCA) Inc., based in New York.
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