Nine Building Medical Office Portfolio in Four States Changes Hands

“This portfolio offered the opportunity to buy a critical mass of medical assets with exposure to some of the top health systems in the country, including Advocate Aurora Health, Einstein Health and INOVA Health System,” said Chris Bodnar, vice chairman of Capital Markets for CBRE.

Einstein Medical Building in East Norriton, PA

PHILADELPHIA—CBRE reports it has brokered the sale and financing of a nine-building medical office portfolio of properties located in Pennsylvania, Illinois, Minnesota and Virginia.

The portfolio totals approximately 470,000 square feet. CBRE did not reveal the identity of the buyer or seller or financial terms of the transaction.

Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s Healthcare Capital Markets team served as advisors for the transaction and sourced the buyer for the portfolio sale. Sabrina Solomiany of CBRE’s Debt & Structured Finance group worked on behalf of the buyer to secure the financing. The unidentified buyer purchased the property in a sale that closed Dec. 13.

“This portfolio offered the opportunity to buy a critical mass of medical assets with exposure to some of the top health systems in the country, including Advocate Aurora Health, Einstein Health and INOVA Health System,” said Chris Bodnar, vice chairman of Capital Markets for CBRE.

The nine-building portfolio included the 95,043-square-foot Advocate Sherman Medical Building in Elgin, IL; the 36,413-square-foot Oak Lawn Medical Building in Oak Lawn, IL; the 60,558-square-foot High Pointe Health Campus in Lake Elmo, MN; the 71,685-square-foot Einstein Medical Building in East Norriton, PA; the 35,405-square-foot Sterling Medical Building in Sterling, VA;, 118,081 square feet across Pavilion I & II in Duluth, MN and 52,105 square feet across CentreMed I & II in Centreville, VA. The portfolio featured more than five years of weighted average lease term.

Solomiany marketed the debt to various life insurance companies, banks and debt funds. The buyer ultimately decided to bifurcate the portfolio into two separate portfolio loans to achieve the best terms.