Hammes Partners Buys 6-Building Chicago Portfolio – What is a Ground Lease?

, Hammes Partners Buys 6-Building Chicago Portfolio – What is a Ground Lease?, Robert Khodadadian

1410 N. Arlington Heights Road. Image courtesy of CommercialEdge

Hammes Partners has acquired a six-building medical office portfolio in Chicago. Twin Building Management sold the assets, encompassing more than 120,000 square feet, spread across northern suburbs of the city.

According to Cook and Lake County records, the portfolio traded for $21 million and was subject to an acquisition loan of $15 million with a five-year maturity date, provided by Lake Forest Bank & Trust Co.

Principals Mike Wilson and Erik Foster, alongside Jim Kornick of Avison Young and in partnership with Principal and Senior Vice President Darryl Silverman with Colliers, represented the seller.

The Hammes investment portfolio in the health-care sector includes acquired and developed assets, ranging from medical to ambulatory care centers. The company has a total footprint of approximately 2.3 million square feet in medical office assets, CommercialEdge data shows.

Among its projects, last year in October, Hammes Partners acquired a 4.2-acre parcel for the development of Buckeye Medical Plaza, a 45,000-square-foot medical office project in Buckeye, Ariz.

Medical office portfolio in Chicago suburbs

The facilities, some of them built between 1966 and 1988, feature between 16,975 and 27,900 square feet, and include Class B and C one- and two-story buildings. The portfolio was 94 percent occupied at the time of the transaction, with long-term leases in place. The tenant roster includes North Shore University HealthSystem, North Arlington Pediatrics, Glazer Dermatology and other physician groups.

Three buildings are located at 1410 – 1430 N. Arlington Heights Road, in Arlington Heights, two buildings at 600 and 650 W. Lake Cook Road in Buffalo Grove and one property at 830 W. End Court in Vernon Hills. Other medical facilities in the surrounding suburban areas include Advocate Good Sheperd Hospital, Advocate Lutheran General Hospital and Northwest Community Healthcare/Hospital.

The post Hammes Partners Buys 6-Building Chicago Portfolio appeared first on Commercial Property Executive.

 Chicago, Investment, Medical Office, Midwest, News, Avison Young, Colliers, Hammes Partners 

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