Avison Young negotiated the sale of a four-building, 74,422-square-foot medical office portfolio in Chicago’s suburban market. The JOHA Cancer Center portfolio includes properties located in Joliet, New Lenox and Morris, Illinois, all of which are 100 percent leased to nationally recognized healthcare tenants with strong ties to local and regional healthcare systems.
Avison Young principals Erik Foster and Mike Wilson, both based in the company’s Chicago office and members of the firm’s national healthcare capital markets group, represented the seller, a partnership of physicians associated with Joliet Oncology Hematology Associates (JOHA). The Chicago team worked in conjunction with Avison Young principals Chip Ryan and Jim Kornick in the firm’s Washington, D.C. office. The buyer was Community Healthcare Trust, based in Franklin, Tennessee. Financial details were not disclosed.
“The properties are mission critical for the tenants’ core cancer care operations, providing tremendous stability from an investment standpoint.” said Wilson, “and with that drives significant cost as the properties traded at some of the highest per square foot pricing seen for MOBs in the Chicago market.”
The properties include two Joliet buildings: the 39,171-square-foot 2614 W. Jefferson Street which serves as a Presence Cancer Care center and 254 Republic Avenue, an 8,876-square-foot building that is leased to Future Diagnostics, a state-of-the-art women’s diagnostics center. Both properties are directly adjacent to Presence Saint Joseph Hospital.
An 18,470-square-foot, multi-tenant building at 1600 W. Route 6 in Morris is leased to Morris Hospital, and is Morris Hospital’s sole oncology center along with Presence Cancer Care. Finally, the portfolio contains 668 Cedar Crossing in New Lenox, a 7,905-square-foot property that is leased to JOHA Cancer Care and is located adjacent to the new Silver Cross Hospital campus.
The Foster and Wilson team has over 30 years of combined experience in investment sales, providing asset advisory, disposition and sale-leaseback services to commercial property owners throughout the country. The team has completed transactions totaling more than $4 billion. Both are principals of the firm.
