CBRE has completed the sale of the Salt Creek Medical Campus, a four-building medical office portfolio located at 8 Salt Creek Lane, 12 Salt Creek Lane, 907 Elm Street and 901 Elm Street in Hinsdale, Illinois. MedProperties Group of Chicago sold the assets to a confidential entity for an undisclosed sum.
Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. healthcare and life sciences capital markets partnered with Gary Fazzio from CBRE’s Chicago office to act as the seller’s exclusive advisors.
“Similar to the financial crisis, COVID-19 has put the spotlight on the medical office sector, showcasing its resiliency during turbulent times,” said Bodnar, vice chairman, CBRE. “Investors are flocking to defensive positions, and the Salt Creek Medical Campus is a great example of an investment offering durability of income through well-positioned tenants such as Edward-Elmhurst Health, AMITA Health, Adventist Health and University of Chicago Medicine.”
The Salt Creek Medical Campus totals 156,660 square feet across four outpatient medical office buildings within the affluent Chicago suburb of Hinsdale. The properties are collectively 88 percent leased to a variety of leading healthcare providers, including the Hinsdale Surgical Center, a licensed ambulatory surgical center with four operating rooms, two procedure rooms and recovery beds.
The seller, MedProperties Group, originally acquired 12 Salt Creek Lane, 907 Elm Street and 901 Elm Street in 2012 and 2013 and made significant capital upgrades and tenant improvement investments to the buildings over the last several years. The seller developed 8 Salt Creek Lane in 2016 as a build-to-suit for Edward-Elmhurst Health, making it the focal point of the campus.