The CBRE Healthcare Capital Markets Group acted as the exclusive advisor for the monetization of the Advocate Medical Office Portfolio in Chicago, Illinois.
Sale Date: July 23, 2013
Portfolio Size: 408,734 SF
Year Built: 1976-1996
Occupancy: 88%
The CBRE U.S. Healthcare Capital Markets Group is pleased to announce the sale of the Advocate Medical Office Portfolio located in Chicago, Illinois. The 408,734 square foot, seven building portfolio was constructed between 1976-1996 and is 88% leased. Chris Bodnar and Lee Asher of the U.S. Healthcare Capital Markets Group teamed with Bill Novelli in the Chicago market as the Seller’s exclusive advisor.
The Offering provided the Buyer with a unique opportunity to acquire a stabilized portfolio anchored by one of Chicago’s premier health care providers, the Advocate Health System, which occupies approximately 48% of the overall tenancy. All of the buildings in the portfolio are located on Advocate Health hospital campuses, and most of the buildings are attached to the hospitals, making them mission critical real estate for the health system.
Each building is subject to a ground lease with the health system and have approximately 65-years of remaining term with fixed annual rent increases. Virtually all major healthcare specialties are represented as tenants, including cardiology, obstetrics & gynecology, oncology, orthopedics, podiatry, pulmonary disease, dialysis, and primary care. The remaining tenancy is made up of surgery center space, imaging & diagnostics and lab space.
National Healthcare Markets Group
Chris Bodnar
Investment Properties
+1 303 628 1711
Lee Asher
Investment Properties
+1 404 504 5965
William Novelli, Jr.
Chicago Brokerage Services
+1 630 573 7084
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