X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Ventas Inc. has acquired three medical office buildings for $62.5 million. The 239,000-square-foot purchase gives the company class A facilities on hospital campuses of Alexian Brothers Health System and Adventist Health System.

The purchase had an 8.2% cap rate on in-place operating income, and will appear on Ventas’ funds from operations numbers in 2010.

“This transaction enhances both the size and quality of Ventas’s MOB portfolio, which now comprises more than 1.6 million square feet,” says Debra Cafaro, chairman, president and CEO, in a statement. “In addition, the acquisition increases our private pay revenues and allows us to grow our relationships with two well-established, A-rated not-for-profit health systems.”

Alexian Brothers and Adventist are both non-profit health systems with major holdings in Chicago and Denver. The exact locations and size of the individual properties was not released.

The buildings were constructed by NexCore Group. That company will continue to act as management and leasing agent for the facilities.

Ventas, which focuses on medical office properties, skilled nursing facilities, hospitals and senior housing communities, owns property in 43 states and Canada.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.