Seven MOBs on Chicago-area system’s campuses are back on the market
By John B. Mugford
Good Samaritan Physician Office Buildings I and II in Downers Grove, Ill., are the largest properties in the Advocate portfolio. (Photo courtesy of CBRE)
When Advocate Health Care sold eight of its medical office buildings (MOBs) to Great Lakes REIT in 2002, it was a historic deal – one of the first large hospital-driven real estate monetizations. Now, 11 years later, seven of those MOBs are back on the market.
At a time of a reported shortfall of desirable, for-sale medical office buildings (MOBs) to meet record investor demand, along comes a portfolio that is perhaps large enough and with enough health system tenancy to attract a wide array of interested buyers, including large institutions.
The Chicago-area properties, known as the Advocate Medical Office Portfolio, compose seven on-campus buildings with a total of 408,734 square feet of space. About 48 percent of that space, and probably growing, is occupied by Oak Brook, Ill.-based Advocate Health Care, a 10-hospital, 3,000-bed system with inpatient and outpatient facilities spread geographically throughout Greater Chicago.
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.