Hammes partners acquires condos in California; similar sale takes place in Illinois
IRA Capital acquired 10 medical office condos with a total of about 40,000 square feet in the Fletcher Drive Medical Center in Elgin, Ill., and then dissolved the condo association, thereby converting the property to a multi-tenant MOB that it now owns
By John B. Mugford
In certain parts of the country – Florida, Southern California, parts of Texas – quite a large number of physicians and small group practices own their own medical office condominiums.
When the product type really took off in the 1990s and early 2000s, medical condos seemed like a great idea – with a happy ending – for the physicians who bought them, most of whom were independent.
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