FOR IMMEDIATE RELEASE
The more than 95,000-square-foot, highly accessible and visible property located in Elgin, Illinois is across from a major regional hospital and home to prominent healthcare tenants
1600 Randall Road Medical Building, Elgin, Illinois
CHICAGO (November 4, 2021) – CA Health and Science Trust, Inc. (“CAHST”), a newly formed and externally managed private real estate investment trust (REIT) focused on the acquisition, development and renovation of value-add and core-plus medical office and life science facilities across the U.S., today announced the closing of an acquisition of a medical office property in Elgin, Illinois. The investment was the result of an off market transaction with a publicly-traded REIT. The more than 95,000-square-foot building spanning four stories is home to numerous prominent healthcare tenants including Derick Dermatology, Suburban Orthopedics and Northwestern Medicine.
“The Elgin acquisition is the product of our team’s strong relationship and history with the seller, allowing us to have a direct conversation to structure a mutually beneficial transaction,” said Russell Brenner, president of CAHST. “Strongly aligned with CAHST’s value-add strategy, our skilled team has already identified numerous near-term opportunities to significantly improve the asset’s profile and value, all of which will contribute to an enhanced tenant experience. I couldn’t be more pleased with the early momentum CAHST continues to see and am delighted to add the Elgin property and its excellent roster of healthcare provider tenants to our growing portfolio.”
Situated at 1600 Randall Road, the property is conveniently located along both a significant traffic artery and near I-90, a major interstate highway, including a four-way interchange. The property is adjacent to the 225-bed Advocate Sherman Hospital – one of the nation’s most premier regional hospitals and part of one of the largest not-for-profit hospital systems in the U.S., Advocate Aurora Health.
“We are thrilled to announce CAHST’s fourth acquisition and continue our early momentum in successfully sourcing and closing on attractive investment opportunities,” said Jesse Ostrow, chief investment officer of CAHST. “CAHST continues to provide a desirable solution to property owners that are looking for an experienced, creative and well-capitalized platform to efficiently process a deal from letter of intent through closing.”
The latest investment is part of an equity commitment of up to $245 million from partners Davidson Kempner Capital Management LP, Monarch Alternative Capital LP and CA Ventures for the acquisition, development and renovation of medical office and life science buildings and for general corporate purposes and working capital. Building upon the platform’s first three acquisitions completed within its first month, CAHST will continue to strategically scale its portfolio of healthcare real estate investments across the U.S. in the coming years.
The offering and sale of securities pursuant to the investment was conducted pursuant to an exemption under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and have been sold in a private placement pursuant to Regulation D under the Securities Act. The sale of securities pursuant to the investment has not been registered under the Securities Act and may not be sold in the U.S. absent registration or an exemption from the registration requirements of the Securities Act.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
About CA Health and Science Trust, Inc.
CA Health and Science Trust, Inc. (“CAHST”) is an externally managed private real estate investment trust (REIT) based in Chicago, Illinois, strategically designed to invest in the acquisition, development and renovation of core-plus, value-add medical office and life science facilities across the United States. For more information, visit www.cahstreit.com.
Safe Harbor Statement
The release includes certain “forward-looking statements.” All statements, other than statements of historical fact, included in this release regarding, among other things, our strategy, future operations, financial position, anticipated dividends, projected costs, prospects, pipeline and opportunities, use of proceeds from a securities offering, plans and objectives are forward-looking statements. Forward-looking statements can be identified by words such as “will,” “could,” “would,” “potential,” “target,” “goal,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects” and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short- and long-term business operations and objectives, and financial needs. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. There are risks, uncertainties and other factors, both known and unknown, that could cause actual results to differ materially from those in the forward-looking statements which include, but are not limited to, regional, national or global political, economic, business, competitive, market and regulatory conditions, currency exchange rates and other factors. Any forward-looking statement made by us is based upon the reasonable judgment of our management at the time such statement is made and speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
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MEDIA CONTACT
Amy Corser
Director, Communications
+1 513 262 1937
acorser@ca-ventures.com
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