HSA PrimeCare, the national healthcare real estate division of Chicago-based HSA Commercial Real Estate, today announced the firm has finalized the sale of four medical office buildings in Illinois and Wisconsin totaling 107,828 square feet to Irvine, Calif.-based IRA Capital. HSA PrimeCare will continue to manage the assets on behalf of their new owner.
“Our team has enjoyed the challenge of developing and enhancing the value of these medical office building assets over the last decade, and we look forward to continuing to manage these properties on behalf of IRA Capital,” said John Wilson, president of HSA PrimeCare. “With increased development and investor interest in healthcare as an asset, HSA PrimeCare looks forward to continuing our efforts to develop new quality outpatient facilities with our healthcare partners.”
The portfolio includes investment-grade, hospital-anchored assets that were developed or acquired by HSA PrimeCare, including the following:
Advocate Good Samaritan South at 6840 Main St. in Downers Grove, Ill., a 35,011-square-foot outpatient clinic developed by HSA PrimeCare in 2008 and anchored by Advocate Aurora Health
Hawthorn Surgery Center at 240 Center Drive in Vernon Hills, Ill., a 15,321-square-foot freestanding surgery center developed by HSA PrimeCare in 2014 as a build-to-suit for Deerfield, Ill.-based Surgical Care Affiliates
Advocate Aurora Health Muskego Clinic at S68W15500 Janesville Road in Muskego, Wis., a 24,067-square-foot retail healthcare clinic offering OB/GYN and radiology services, bought by HSA PrimeCare in 2012
Advocate Aurora Health Beverly Clinic at 1357 W 103rd Street in Chicago, Ill., a 33,519-square-foot multi-tenant office building constructed in 1955 and redeveloped in 2007 by HSA PrimeCare to house an Advocate Aurora primary care clinic, as well as long with a bank
Mike Wilson and Erik Foster of Avison Young represented HSA PrimeCare in the transaction.
Health Care Institute’s Midwest Healthcare Real Estate Event
Tuesday, April 25th from 7:45 a.m. to 3:30 p.m.
Jame Tyree Auditorium
353 N. Clark St., Chicago, IL 60654 Event Website
HSA PrimeCare EVP Robert Titzer will be a featured panelist at squarefootage.net and Health Care Institute’s Midwest Healthcare Real Estate 2017 event on Tuesday, April 25th. The event will occur at the James Tyree Auditorium in Chicago and is scheduled from 7:45 a.m. to 3:30 p.m. with opportunities for networking and panels of healthcare real estate experts discussing a variety of topics. Squarefootage.net expects over 100 attendees consisting of hospital and healthcare professionals, design/build service providers, and real estate developers and investors. Other featured panelists include Avison Young EVP Mark Johnson, JLL VP Frederic Lastar, Revista principal Mike Hargrave, Lillibridge EVP of asset management Jim Mendelson, Trexin senior principal Jeffrey Hill, and Trexin managing principal Jimmy Lee.
According to the squarefootage.net website, the morning session will be comprised of two panels examining political and financial realities of the healthcare marketplace and current market drivers. In the afternoon, attendees will enjoy four panels on topics such as healthcare real estate acquisitions for healthcare providers and how reduced reimbursements, consolidation, and new healthcare delivery models impact the economic success of a medical facility. The afternoon session will also include a roundtable examination of the interdependence of real estate, design, and construction featuring Titzer and two other healthcare real estate experts.
No one is better qualified to discuss the comprehensive healthcare real estate development process than HSA PrimeCare’s Robert Titzer, whose healthcare real estate expertise has served clients since the firm’s inception in 1996. HSA PrimeCare partners with the nation’s leading healthcare institutions to create development, project management, leasing, monetization, and property management real estate solutions that address the needs of today’s patients while satisfying the financial goals of the health care provider. A leading developer and manager of medical office buildings in the Midwest, HSA PrimeCare is responsible for a portfolio of health care properties in excess of one million square feet.
For more information or to register for the event, visit the Midwest Healthcare Real Estate 2017 event website.