Cushman & Wakefield’s healthcare capital markets team has represented owner 1945 W. Wilson LLC in the $13,850,000 sale of a multi-tenant, 68,070-square-foot, six-story medical office building in Chicago’s Ravenswood neighborhood.
Located as 1945 W. Wilson Avenue, the property is located on the grounds of the former Ravenswood Hospital and sits adjacent to The French International School, Lycée Français de Chicago, as well as Evergreen Real Estate Group’s new 193-unit senior housing project.
The seller was represented by Cushman & Wakefield’s healthcare capital markets managing directors, Gino Lollio and Scott Niedergang, along with members of the firm’s office capital markets team, including Cody Hundertmark, executive director, and Tom Sitz, executive director. The team also procured the buyer, a New England-based commercial real estate investor focused on medical office, lab and life science properties across the U.S.
“The property’s strong attributes, including high historical occupancy, revenue-generating parking lots and tenant synergies, paired with the positive market characteristics of Ravenswood, produced a highly competitive bidding environment for this offering,” said Lollio.
Constructed in 1972 and renovated in 2015, the building was 98 percent occupied at sale and anchored by Advocate Health Care, Anixter Center, Ravenswood Rheumatology and several other private healthcare practices. Advocate is the largest health system in Chicago. Anixter Center is one of the largest nonprofit behavioral health organizations in the Chicago area.
“Many of the prospective purchasers, including the ultimate buyer, were out-of-state, healthcare-focused private equity groups,” Niedergang said. “While this speaks to the demand for high-quality healthcare assets, it also reflects positively on the Chicago market.” The property is in a prime location near the CTA Brown Line and the Ravenswood Metra Station providing access to more than 1 million residents within five miles. The immediate, family-friendly urban location bodes strong household incomes and population density, both of which complement the property’s existing tenants.