CBRE completes sale of medical office portfolio
CBRE as completed the sale and financing of a nine-building medical office portfolio totaling approximately 470,000 square feet located in four states.
The buyer, a confidential entity, purchased the property in a sale that closed December 13, 2019.
“This portfolio offered the opportunity to buy a critical mass of medical assets with exposure to some of the top health systems in the country, including Advocate Aurora Health, Einstein Health and INOVA Health System,” said Chris Bodnar, vice chairman of capital markets for CBRE.
The nine-building portfolio included the 95,043-square-foot Advocate Sherman Medical Building in Elgin, Ill., the 36,413-square-foot Oak Lawn Medical Building in Oak Lawn, Ill., the 60,558-square-foot High Pointe Health Campus in Lake Elmo, Minn., the 71,685-square-foot Einstein Medical Building in East Norriton, Pa., the 35,405-square-foot Sterling Medical Building in Sterling, Va., 118,081 square feet across Pavilion I & II in Duluth, Minn., and 52,105 square feet across CentreMed I & II in Centreville, Va. The portfolio featured over five years of weighted average lease term (WALT).
