"All the hospitals have been selling their medical office buildings over time," Tom Czerniak, Lillibridge's SVP of acquisitions, tells GlobeSt.com. "Decatur Memorial, like everybody else, is selling to concentrate on their core business." Decatur Memorial was founded in 1916 and is Central Illinois' regional medical center.
All 13 of the multi-tenant medical office buildings in the portfolio are in Decatur. Ten of them are located within Decatur Memorial's campus, while another three are off-site. Lillibridge will own and manage the buildings, and offer ownership options to physician tenants.
"Decatur Memorial is the leader in their market because of their strong presence there," Czerniak says. "This acquisition is consistent with our investment philosophy, to invest in class A hospitals who are leaders in their particular marketplace. These are great properties, and the whole Decatur area is fairly well-occupied."
This sale marks the second large MOB sale this month and possibly a growing trend in the sector. At the end of last week, Grubb & Ellis Healthcare REIT closed on a four-building portfolio in Wisconsin from Aurora Healthcare for $34 million.
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