Avison Young’s Capital Markets Team, led by Chicago-based Principals Erik Foster and Mike Wilson, have sold the Tenet Healthcare MacNeal Hospital Medical Office portfolio in suburban Chicago to Philadelphia-based Patriot Equities. The portfolio was sold on behalf of Heitman, a global real estate investment management firm based in Chicago.
“The portfolio’s on-campus location in an infill market and its affiliation with a large national hospital system, Tenet Healthcare, made it an attractive pool of assets to buyers,” said Wilson. “This transaction demonstrates the strength and attractiveness of the Chicagoland healthcare market and the draw of capital toward assets and locations that are strategic to a well-established health system.”
The portfolio includes three buildings totaling 95,869 square feet and is currently leased to Tenet Healthcare’s MacNeal Hospital under a long term lease. The buildings are in downtown Berwyn, Illinois a nearby Chicago suburb.
MacNeal Hospital is a 427-bed, fully-accredited teaching hospital. Comprised of ten primary care centers, a resource library and a youth school among other programs, MacNeal Hospital provides health care to communities throughout the near west and southwest suburbs of Chicago. MacNeal was previously owned by Vanguard Health Systems, which recently was purchased by Tenet Healthcare. With that purchase, Tenet overtook ownership of MacNeal Hospital.