MB Real Estate Makes $51M Chicago-Area MOB Purchase
- Sep 25, 2020
MedProperties Group has sold four medical office buildings totaling 156,660 square feet in Hinsdale, Ill. The assets were part of the five-building, 200,000-square-foot Salt Creek Medical Campus, according to Yardi Matrix information.
MB Real Estate acquired the portfolio for $50.9 million and Ally Bank provided acquisition financing for the buyer, public records show. CBRE represented the seller in the disposition.
Situated on more than 18 acres at 8 Salt Creek Lane, 12 Salt Creek Lane, 907 Elm St. and 901 Elm St., the facilities offer various types of floorplans. The newest addition is the three-story building at 8 Salt Creek Lane, developed by MedProperties in 2016 as a build-to-suit for Edward-Elmhurst Health. The other three buildings, dating from the 1970s, were purchased in 2012 and 2013 for $15.8 million, Yardi Matrix data shows.
According to CBRE, the properties are collectively 88 percent leased to a diverse mix of health-care providers. Hinsdale Surgical Center, a licensed ambulatory surgical center with four operating rooms, two procedure rooms and recovery beds, is one of the tenants.
The medical office campus is some 19 miles from downtown Chicago, just north of U.S. Route 34. The surrounding area has several other medical properties, including DuPage Medical Group and The Geldner Center.
CBRE’s Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of the firm’s U.S. Healthcare and Life Sciences Capital Markets team worked together with Gary Fazzio to represent the seller in the deal. The U.S. Healthcare team was also instrumental in the June sale of a 129,590-square-foot property in St. Louis.