For Immediate Release
Multi-tenant Property on Former Ravenswood Hospital Campus is Anchored by Advocate Health Care and Anixter Center
CHICAGO, April 13, 2020 – Cushman & Wakefield’s Healthcare Capital Markets team has represented owner 1945 W. Wilson LLC in the $13,850,000 sale of a multi-tenant, 68,070-square-foot six-story medical office building at 1945 W. Wilson Ave. in Chicago.
Known as 1945 W. Wilson, the property is located on the grounds of the former Ravenswood Hospital and sits adjacent to The French International School, Lycée Français de Chicago, as well as Evergreen Real Estate Group’s new 193-unit senior housing project. The property is in a prime location near the CTA Brown Line and the Ravenswood Metra Station providing access to more than 1 million residents within five miles. The immediate, family friendly urban location bodes strong household incomes and population density, both of which complement the property’s existing tenants.
Constructed in 1972 and renovated in 2015, the building was 98 percent occupied at sale and anchored by Advocate Health Care, Anixter Center, Ravenswood Rheumatology, and several other private healthcare practices. Advocate is the largest health system in Chicago. Anixter Center is one of the largest nonprofit behavioral health organizations in the Chicago area.
The seller was represented by Cushman & Wakefield’s Healthcare Capital Markets Managing Directors Gino Lollio and Scott Niedergang, along with members of the firm’s office capital markets team including Cody Hundertmark, Executive Director, and Tom Sitz, Executive Director. The team also procured the buyer, a New England-based commercial real estate investor focused on medical office, lab and life science properties across the U.S.
“The property’s strong attributes, including high historical occupancy, revenue-generating parking lots and tenant synergies, paired with the positive market characteristics of Ravenswood, produced a highly competitive bidding environment for this offering,” said Lollio.
Added Niedergang, “Many of the prospective purchasers, including the ultimate buyer, were out-of-state, healthcare-focused private equity groups. While this speaks to the demand for high-quality healthcare assets, it also reflects positively on the Chicago market.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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