News Release: Stage Equity Partners Acquires 52,000 sf Medical Office Complex in Prime Chicago Suburb across from Alexian Brothers Hospital

PressReleaseIconCHICAGO (May 16, 2013) –  Chicago-based healthcare real estate investment company Stage Equity Partners LLC (“Stage”) announced the recent acquisition of a 52,126 square foot medical office complex in Elk Grove Village, a northwest suburb of Chicago. According to Stage President and Founder Brian Howard, the complex of four single-story interconnected buildings called Woodland Square was acquired in a direct off-market transaction from a local family partnership at approximately $138 per square foot. The complex is located in the heart of the Alexian Brothers Medical Center campus, directly across the street from the 387-bed flagship hospital for the Alexian Brothers Health System (owned by Ascension Health). 

Stage Principal Russell Brenner adds that the property, anchored by Fresenius North America and Midwest Sports Medicine, stands at 99% occupancy with 19 stable tenants that all provide healthcare-related services, such as general care, orthopedics, pediatrics, dialysis, imaging and dental services.

Of note regarding the location, Mr. Brenner says that Alexian Brothers owns and/or operates all buildings directly surrounding Woodland Square, making the acquisition the last piece of land on the campus that the hospital does not control. 


“It’s a special location,” says Mr. Howard. “The family that developed and personally managed the property since its inception 25 years ago had obviously taken great care of it, thinking to own it indefinitely.” He says that family matters prompted a decision to sell it, and they asked their longtime advisor Gary Wool of Janko & Wool Real Estate Finance to identify a likely buyer.

According to Mr. Wool, Stage was selected by the owners because the firm appeared to be the best steward for the property. “Stage is very hands-on. They are local, well respected, and have experience owning and operating this kind of medical asset. They clearly were the best group to benefit the tenants and the property.”

Mr. Howard says that Stage plans to evaluate modest upgrades to the property, such as improved landscaping, updated monument signage and building directories. He anticipates a positive effect on net operating income and a continued tenant demand and a high tenant retention rate.


This is Stage’s eighth acquisition, bringing its portfolio to a value of approximately $50 million dollars across four states. Stage is exclusively focused on acquiring, developing and managing high quality medical office buildings and healthcare facilities across the country. By seeking properties with strategic locations and a synergistic tenant mix, Mr. Howard says the firm seeks to generate consistent and significant risk-adjusted financial returns for its investors and itself.

“We have technology now that supports a shift toward outpatient medical services,” he says. “The shift will continue to move the medical delivery model away from acute care facilities and more toward conveniently located medical office buildings like we find at Woodland Square. This is a great example of the kind of property we continue to look for.”

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

Existing Users Log In

Comments are closed, but trackbacks and pingbacks are open.