HINSDALE, Ill. – Newport Beach, Calif.-based Griffin-American Healthcare REIT II recently acquired a two-building, 88 percent leased MOB portfolio in Hinsdale, Ill., that is anchored by two large Chicago-area providers.
Griffin-American paid $35.5 million for the facilities at 908 N. Elm St., or about $210 PSF, according to RCA. The 169,078 square foot, two building portfolio was built in 1981 and 1984 and is 88 percent leased, say brokers Chris Bodnar and Lee Asher of the U.S. Healthcare Capital Markets Group of CBRE Inc. (NYSE: CBG).
Messrs. Asher and Bodnar teamed with CBRE’s Gary Fazzio of the Chicago market in representing the seller, which, according to RCA, was Bentall Kennedy, which is privately owned by senior management and British Columbia Investment Management Corp. and the California Public Employees’ Retirement System (CalPERS).
CBRE says the offering provided the buyer “with a unique opportunity to acquire a stabilized portfolio anchored by two of Chicago’s premier providers, Adventist Health System and DuPage Medical Group.” Together, those two investment grade credit tenants account for about 60 of the overall tenancy.
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