PRESS RELEASE
FOR IMMEDIATE RELEASE
Chicago – August 28, 2020 – CBRE announced today that the firm has completed the sale of the Salt Creek Medical Campus, a four-building medical office portfolio located at 8 Salt Creek Lane, 12 Salt Creek Lane, 907 Elm Street and 901 Elm Street in Hinsdale, Illinois. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. Healthcare and Life Sciences Capital Markets partnered with Gary Fazzio from CBRE’s Chicago office to act as the seller’s exclusive advisors. The seller was MedProperties Group of Chicago. The buyer, a confidential entity, purchased the property in a sale that closed on August 28, 2020.
“Similar to the financial crisis, COVID-19 has put the spotlight on the medical office sector, showcasing its resiliency during turbulent times,” said Chris Bodnar, Vice Chairman, CBRE. “Investors are flocking to defensive positions, and the Salt Creek Medical Campus is a great example of an investment offering durability of income through well positioned tenants such as Edward-Elmhurst Health, AMITA Health, Adventist Health and University of Chicago Medicine.”
The Salt Creek Medical Campus totals 156,660 square feet across four outpatient medical office buildings within the highly affluent Chicago suburb of Hinsdale, Illinois. The properties are collectively 88% leased to a variety of leading healthcare providers, including the Hinsdale Surgical Center, a licensed ambulatory surgical center with four operating rooms, two procedure rooms and recovery beds.
The seller, MedProperties Group, originally acquired 12 Salt Creek Lane, 907 Elm Street and 901 Elm Street in 2012 and 2013 and made significant capital upgrades and tenant improvement investments to the buildings over the last several years. The seller developed 8 Salt Creek Lane in 2016 as a build-to-suit for Edward-Elmhurst Health, making it the focal point of the campus. The Salt Creek Medical Campus was an award finalist in 2018 for the “Best Renovated or Repurposed Healthcare Facility” by Healthcare Real Estate Insights. CBRE Press Release
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About MedProperties Group
MedProperties Group, founded in 1994, is an established medical real estate investment, development and operating platform based in Chicago. The team is comprised of senior real estate professionals with institutional backgrounds and healthcare provider experience. MedProperties Group targets acquisition, development and redevelopment investments in a variety of healthcare types with a focus on medical office, specialty facilities and life science properties. For more information please visit www.medpropertiesgroup.com.
Contact: Sara Johnston +1 303 264 1912 sara.johnston@cbre.com
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