Community Healthcare Trust Buys Chicago MOB Portfolio

By Alex Ciorogar

2614 W. Jefferson Joliet, Ill.

Community Healthcare Trust has bought a four-building, 74,420-square-foot medical office portfolio in Chicago’s suburban market. Avison Young Principals Erik Foster and Mike Wilson, in conjunction with Principals Chip Ryan and Jim Kornick, represented the seller, a partnership of physicians associated with Joliet Oncology Hemotology Associates (JOHA).

According to Avison Young, all buildings are 100 percent occupied. The JOHA Cancer Center portfolio includes:

• 2614 W. Jefferson in Joliet, Ill., a 39,171-square-foot building leased to Presence Cancer Care center and adjacent to Presence Saint Joseph Hospital
• 254 Republic in Joliet, Ill., an 8,876-square-foot building leased to Future Diagnostics and directly adjacent to Presence Saint Joseph Hospital
• 1600 W. Route 6 in Morris, Ill., an 18,470-square-foot multitenant building leased to Morris Hospital
• 668 Cedar Crossing, New Lenox, , a 7,905-square-foot building leased to JOHA Cancer Care and adjacent to the new Silver Cross Hospital campus in New Lenox, Ill.

“The properties are mission critical for the tenants’ core cancer care operations, providing tremendous stability from an investment standpoint,” said Wilson, in prepared remarks. “And with that drives significant cost as the properties traded at some of the highest per-square-foot pricing seen for medical office buildings in the Chicago market.”

Image courtesy of Avison Young