MedProperties Realty Advisors, a Dallas-based healthcare real estate investor, acquired Millennium Medical Center, a 41,540-square-foot medical outpatient building at 10604 Southwest Highway in Chicago Ridge, Illinois.
Terms of the transaction were not disclosed.
The two-story building, with an open, atrium entryway, was purpose built in 2018 by a group of local physicians. This location provided easy access to the nearby hospitals. That original physicians group sold the property to MedProperties.
The lead tenant of the building is an affiliate of US Oncology, a national network of more than 600 cancer treatment centers. Affiliate centers have access to resources, best business practices, and the experience, infrastructure and support of McKesson, its parent company.
A complimentary tenant base that services patients suffering from cancer and related ailments makes up the balance of the tenancy at Millennium Medical Center. Many of those tenants have made long-term lease commitments creating an advantageous long-term weighted average lease term
Debt for the transaction was provided by Old National Bank.
