Remedy Medical Properties, in a joint venture with Kayne Anderson Real Estate, has acquired RUSH Oak Brook Medical Center, a 93,386-square-foot medical office building in Chicago. The asset traded for $71 million, according to Crain’s Chicago Business. Rush Health sold the LEED Gold-certified property in a sale-leaseback transaction.
RUSH Oak Brook came online in 2018 on 3.5 acres. The three-story building features a two-story atrium main lobby, a seating lounge, two passenger elevators, a fitness center and controlled access. The medical facility comprises a multi-specialty surgery center with six operating rooms, two procedure rooms, 28 patient bays, 65 exam rooms, outpatient surgical suites, an imaging center and in-house lab services.
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Boasting a 99 percent occupancy, the property is leased long-term to RUSH University System for Health and Midwest Orthopaedics at RUSH, a division of OrthoMidwest. Medical services provided include physical therapy and rehabilitation, neurosurgery, OB/GYN, dermatology, pain management, gastroenterology and primary care, among others.
The medical center is at 2011 York Road, less than 20 miles from downtown Chicago and has access to interstates 88 and 294. The surrounding area includes several other health-care providers, such as Elmhurst Hospital, Hines VA Medical Center, Cardio Medical Center and Loyola University Medical Center.
Partnership deals in 2023
The partnership between Remedy Medical and Kayne Anderson kicked off 2023 with the acquisition of a collection of 13 medical office assets totaling 300,328 square feet. Montecito Medical sold the portfolio for $131 million.
More recently, the joint venture purchased two medical office buildings in Fayetteville, Ga. The facilities were acquired from Piedmont Healthcare through a 70-year ground lease with a 15-year extension option.
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Read MoreChicago, Investment, Medical Office, Midwest, News, Kayne Anderson Real Estate Advisors, LEED, Remedy Medical Properties Commercial Property ExecutiveThe 93,386-square-foot property came online in 2018.
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