EnTrust Closes Sale of Highland Park MOB in Record Time
CHICAGO (August 16, 2016) – EnTrust Realty Advisors completed the sale of Laurel Terrace, a 28,000 SF Class A medical office building in downtown Highland Park, Ill., to an investment fund of Harrison Street Real Estate. The sale took only one week to complete, from start to finish, announced James Clark III, Managing Principal of EnTrust.
Built in 2007, the 100% leased property is anchored by NorthShore University HealthSystem; and includes Freedom Home Care, Weil Foot & Ankle Institute, and Therapeutic Kneads, as the building’s other tenants. It is located at the coveted intersection of Green Bay Road and Central Avenue in downtown Highland Park; an exclusive suburb of Chicago. The 3-story building has luxury condominiums on the top floor, which are not part of the transaction, and are separated as a vertical subdivision with a separate entrance. The property also contains covered and underground parking for more than 80 vehicles.
“This transaction speaks to the strength of our relationships with investors who are trendsetters in transaction execution excellence,” said Clark. “We matched the needs of a large institutional investor with a local private developer in record time. What Harrison Street was able to accomplish in one week is simply incredible. In my 32 years of institutional commercial real estate transaction experience, I have never seen a deal closed this expeditiously.”
Harrison Street Real Estate Capital is a real estate private equity firm founded in 2005, and has approximately $10.9 billion in assets under management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the Education, Healthcare and Storage segments of the U.S. real estate market. Since inception, the Firm has acquired or developed more than 640 properties in 45 states including more than 117,357 student housing beds, 18,700 senior housing units, 6.7 million square feet of medical office space, and 105,000 self-storage units.
The EnTrust team is in the continued habit of pushing the limits of the real estate industry on behalf of their clients. Last year they completed the sale of 111 W. Illinois, a Class A office building in Chicago’s popular River North neighborhood, to a German Investment Fund for $500/sf; the 5th highest price/sf paid for office property in the Chicago CBD.
About EnTrust Realty Advisors, LLC
EnTrust Realty Advisors LLC specializes in representing investors and tenants in commercial real estate transactions including the acquisition, disposition, recapitalization and tenant leasing of office, industrial and medical properties, nationwide. It distinguishes itself by dedicating personal care to providing fiduciary quality planning and execution of the simplest to the most complex assignment. The hallmarks of its performance are the principles of integrity, relationships and results. For more information, visit www.entrustrealty.net.
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