CHICAGO, IL – March 20, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Lakeshore Medical Center, a 135,093-square-foot medical office building (MOB) located on Lake Shore Drive in Chicago, Illinois.
HFF marketed the Class A MOB on behalf of the seller, a partnership between CarVal Investors and Zeller Realty Group, and procured the buyer, an institutional investor. Post-closing, locally-based MBRE Healthcare will manage Lakeshore Medical Center.
Lakeshore Medical Center is located at 4700 North Marine Drive overlooking Lake Michigan, and visible to more than 173,000 daily drivers along North Lake Shore Drive, one of Chicago’s primary thoroughfares. The property is less than five blocks from the CTA Red Line and is only ten minutes from Chicago’s central business district. Completed in 2008 to meet the growing demand for medical office facilities in the North Chicago submarket, the five-story building is attached to the 236-bed Weiss Memorial Hospital, which is the dominant hospital in the area. Lakeshore Medical Center benefits from the hospital’s attached 927-stall parking deck and offers large open floor plates with flexible layouts. Tenants at the property include Walgreens, Fresenius Medical Care and University Dermatology and Vein Clinic.
The HFF investment advisory team representing the seller were managing directors Ben Appel and Evan Kovac, director Andrew Milne and associate Matt DiCesare of HFF’s national medical office capital markets team, along with the Chicago team of senior managing director Jeffrey Bramson and director Bryan Rosenberg. Managing director Tim Joyce provided debt advisory services.
“Weiss Memorial Hospital, which recently changed owners, serves a very important patient service area in North Chicago,” Appel said. “We expect the recent change in ownership, combined with new equity infusion in the MOB, will result in campus growth and better outcomes for the community.”
About CarVal Investors
CarVal Investors is a leading global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, its experienced team has navigated through ever-changing credit market cycles, opportunistically investing $113 billion in 5,320 transactions across 79 countries. Today, CarVal Investors has approximately $10 billion in assets under management in both credit and real estate strategies. For more information, visit www.carvalinvestors.com.
About Zeller Realty Group
Zeller Realty Group (ZRG) is a vertically integrated commercial real estate investment and development firm that has offered investors exceptional expertise, innovation, and insight to value for over 30 years. ZRG strategically selects properties for value creation, repositioning and reintroduction to their markets, while maximizing efficiency by providing a full spectrum of real estate services, including development, leasing, management, and construction. Headquartered in Chicago, Illinois, ZRG owns and operates assets in Illinois, Indiana, Minnesota, Wisconsin, Ohio, Georgia, Oregon and Texas and continues to grow and expand its holdings nationally. Since its formation, the company has delivered strong returns for its partners and co-investors by providing best-in-class service to enhance value. Currently, ZRG owns and operates a portfolio of nearly 10.3 million square feet valued at $2.9 billion. For more information, please visit: https://www.zellerrealty.com/.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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CONTACTS:
BEN APPEL
HFF Managing Director
(215) 872-9903
bappel@hfflp.com
EVAN KOVAC
HFF Managing Director
(858) 812-2365
ekovac@hfflp.com
JEFFREY BRAMSON
IL Lic. #471.009696
HFF Senior Managing Director
Managing Broker
(312) 528-3650
jbramson@hfflp.com
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com
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