Sila Realty Trust Pays $60M for Chicago-Area MOB

Burr Ridge Healthcare Facility is less than 20 miles from downtown Chicago. Image courtesy of CommercialEdge

Sila Realty Trust Inc. has acquired Burr Ridge Healthcare Facility, a 104,912-square-foot medical office building in Burr Ridge, Ill., for $60 million. The previous owner was Healthcare Realty, according to CommercialEdge data, which had acquired it in 2017 from Duke Realty in a portfolio transaction.

Completed in 2011 on nearly 7 acres, the three-story building features two passenger elevators, a fitness center and 1,000 square feet of retail space. The property has a parking ratio of 4 spaces per 1,000 square feet.

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The property came online as a build-to suit for Loyola University Medical Center, an academic subsidiary of Trinity Health. The facility offers a variety of services, including primary care, ophthalmology, transplant, neurology, radiology and women’s health, as well as physical, occupational, speech and cardiac rehabilitation.

Burr Ridge Healthcare Facility is near Interstate 55 at 6800 N. Frontage Road, less than 20 miles from downtown Chicago. The outpatient clinic is in proximity of three LUMC hospitals, including the 547-bed Loyola University Medical Center. Other medical facilities in the surrounding area include Village Center Drive, MetroSouth, Willowbrook Medical Center and Midwest Express Clinic, among others.

As of June, Sila Realty Trust owned 132 health-care properties across the U.S., of which 90 were medical office buildings. The company has invested $2.4 billion in a portfolio encompassing 5.4 million rentable square feet.

Chicago’s medical office market activity

Some 517,750 square feet of medical office space changed hands in Chicagoland year-to-date as of October, according to CommercialEdge data. The properties traded for a total of $65 million.

In one of the deals, Hammes Partners acquired a six-building medical office portfolio for $21 million. Twin Building Management sold the assets, encompassing more than 120,000 square feet, that were spread across northern suburbs of the city.