CBRE Completes Medical Office Portfolio Sale
The nine-building portfolio comprises 470,000 square feet across four states.
ELGIN, IL – CBRE has completed the sale and financing of a 470,000-square-foot medical office portfolio, comprised of nine buildings throughout four states.
The portfolio’s medical assets include the Advocate Sherman Medical Building in Elgin, IL, the Oak Lawn Medical Building in Oak Lawn, IL, the High Pointe Health Campus in Lake Elmo, MN, the Einstein Medical Building in East Norriton, PA, the Sterling Medical Building in Sterling, VA, Pavilion I & II in Duluth, MN, and CentreMed I & II in Centreville, VA.
The portfolio featured more than five years of weighted average lease term. The properties offer exposure to health systems, such as Advocate Aurora Health, Einstein Health and INOVA Health System.
CBRE’s healthcare capital markets team of Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger, served as advisors and sourced the buyer for the transaction. Sabrina Solomiany of CBRE’s debt and structured finance group, worked on behalf of the buyer to market the debt and secure the financing.
The buyer, a confidential entity, divided the portfolio into two separate loans, to achieve the best terms. The sale closed on December 13, 2019.
Headquartered in Los Angeles, CBRE Group Inc. serves as the world’s largest commercial real estate services and investment firm. The Fortune 500 company offers a broad range of integrated services and currently has more than 90,000 employees occupying more than 480 offices worldwide.
