(Dearborn, MI) Completing its seventh medical outpatient building acquisition since raising a new real estate fund, Chicago Pacific Founders Healthcare Real Estate (CPF HCRE), a leading healthcare property investor, closed on a fully-leased, multi-story, 80,000 square foot Class A medical outpatient building in Dearborn, Michigan within the Detroit MSA. The asset was acquired for $22.75 million through an off-market transaction.
Strategically located in a critical healthcare hub, the property enjoys strong tenancy by a range of synergistic tenants including Dearborn Cardiology and health system Wayne Health. Constructed in 1997 and fully renovated in 2015, the property features a state-of-the-art ambulatory surgery center.
Debt financing was provided under an existing facility with Capital One, NA.
“This was an excellent opportunity to acquire a high-quality medical outpatient building via a direct relationship with the partnership of physician-owners, where we can add significant value via operational and management improvements” said Cliff Berryman, Senior Vice President.
Andrew Eckman, Vice President added, “The combination of full occupancy, significant WALT and major tenant investment – including a leading ambulatory surgery center – drove conviction in this investment.”
CPF HCRE has an additional medical outpatient building – exceeding 100,000 square feet – under contract and continues to actively pursue value-add and opportunistic opportunities.
About Chicago Pacific Founders
With $2.7 billion in assets under management, Chicago Pacific Founders is a leading healthcare private equity firm with investments across both healthcare services companies and healthcare real estate.
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