Chicago-Area MOB Portfolio Changes Hands

The two buildings were part of an off-market transaction. Image courtesy of Stage Equity Partners

An affiliate of Stage Equity Partners has purchased the two-building Hollister Medical Office Portfolio in Libertyville, Ill. Hollister Inc. sold the properties in an off-market transaction. The assets were 80 percent leased at the time. Cushman & Wakefield Executive Director Gino Lollio represented the seller, while Wintrust Bank provided acquisition financing for the sale of the 91,818-square-foot portfolio.

The first building, dubbed Grand Oaks Health Center, is a three-story, 57,585-square-foot office property. Completed in 1999, the asset sits on 7.9 acres and features two passenger elevators, as well as parking spaces on the first floor. The tenant roster includes Advocate Health Care, Northwest Neurology and Lake Forest Internal Medicine.

Completed in 1980 and redeveloped in 2019, the second medical office building is known as Hawthorn Health Center and comprises 34,233 square feet. The three-story building features 11,666-square-foot floorplates and one passenger elevator. Tenants at the 5.1-acre property include Weil Foot & Ankle Institute, North Shore Primary Care and Suburban Periodontics. The two properties encompass a total of 411 parking spaces.

Located at 1800 and 1900 Hollister Drive within the Hollister Grove medical campus, the properties are less than a mile from Rivertree Court, Hawthorn Hills Square and Hawthorn Mall, which offer a host of dining and retail options. Downtown Chicago is roughly 37 miles southeast, while O’Hare International Airport is 23.5 miles away. Additionally, the portfolio is 2 miles from a medical office building that was acquired earlier this year by Hammes Partners in a six-building transaction.