Community Healthcare Acquires 4 MOBs in Suburban Chicago
- Apr 20, 2018
Community Healthcare Trust has acquired four medical facilities in suburban Chicago. The assets total 74,420 square feet and are fully leased to nationally recognized health-care tenants. Avison Young led the negotiation efforts on behalf of the seller, a partnership of physicians associated with Joliet Oncology-Hematology Associates.
“The properties are mission critical for the tenants’ core cancer care operations, providing tremendous stability from an investment standpoint and driving significant cost as the properties traded at some of the highest per-square-foot pricing seen for MOBs in the Chicago market,” said Avison Young Principal Mike Wilson in a prepared statement.
Wilson worked along with Principals Erik Foster, Chip Ryan and Jim Kornick to close the deal.
A solid portfolio
The four properties making up the JOHA Cancer Center portfolio are located in Joliet, Morris and New Lenox, lll., and range in size from approximately 8,000-40,000 square feet.
The two Joliet buildings are located adjacent to Presence Saint Joseph Hospital:
- 2614 W. Jefferson St. in Joliet, Ill., encompasses 39,171 square feet and is leased to Presence Cancer Care center
- 254 Republic St. has 8,876 square feet and is leased to Future Diagnostics
The third asset is a multi-tenant medical building located at 1600 W. Route 6 in Morris, Ill. It incorporates 18,470 square feet and functions as the only oncology center part of Morris Hospital along with Presence Cancer Care. In addition, there is the 7,905-square-foot property at 668 Cedar Crossing in New Lenox, Ill., adjacent to the new Silver Cross Hospital campus. JOHA Cancer Care is the sole tenant of the building.
Image courtesy of Avison Young