CHICAGO—Avison Young just helped complete the sale a five-building, 165,000-square-foot medical office building portfolio in Northwest Indiana to New York-based ARC Healthcare Trust II. It was the largest medical office portfolio sale in the Midwest this year, based on the square footage, Avison officials say. Based on the $46 million price, it was also one of the top five medical office portfolio sales in the Midwest during the past five years.
Avison's capital markets team in Chicago, led by Erik Foster and Mike Wilson, handled the transaction. The Avison team also included principal Phil Palmer and debt specialist senior vice president David Krasnoff. The properties are in Munster, Schererville and Dyer. The seller was Family Care Centers of Indiana, a physicians group.
The Affordable Care Act has already begun changing how healthcare providers serve patients, with many putting more emphasis on smaller, easy-to-access specialized facilities, and this set of properties fit the bill and attracted a lot of interest from investors.
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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.
