CHICAGO—The nation's largest owner and manager of medical office buildings just got even bigger. Chicago-based Lillibridge Healthcare Services, Inc., a wholly owned subsidiary of Ventas, Inc., has acquired a 409,000-square-foot healthcare real estate portfolio located on the campuses of five Advocate Health Care hospitals in the Chicago area.
Seven buildings are included in the transaction, more than doubling the amount of Advocate-affiliated medical office space owned and managed by Lillibridge to 790,000-square-feet. They now have 19 buildings on six Advocate campuses, as well as several affiliated sites.
The properties are on the campuses of: Advocate Good Samaritan Hospital, Downers Grove; Advocate Good Shepherd Hospital, Barrington; Advocate Christ Medical Center, Oak Lawn; Advocate South Suburban Hospital, Hazel Crest; and Advocate Trinity Hospital, Chicago.
“We have developed a strong relationship with Advocate, and an understanding of their mission and values, after many years of collaborating with them on several projects within their system, hospitals and the Advocate Medical Group,” says Todd W. Lillibridge, president and CEO of Lillibridge Healthcare Services and executive vice president of Ventas. “This MOB portfolio acquisition is another important step toward achieving our mutual goal of implementing and supporting today's outpatient-focused healthcare delivery models.”
According to the 2013 Emerging Trends in Real Estate report from Urban Land Institute and PwC, “medical office space presents compelling investment opportunities as the nation's health care industry balloons to take care of graying baby boomers.”
“This acquisition of high-quality medical office buildings supports our strategy of owning and managing healthcare assets affiliated with market-leading hospitals and health systems,” adds Vincent M. Cozzi, senior vice president, Ventas.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
