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CHICAGO-In 2002, a historic commercial real estate transaction took place that, in a way, signified the coming of age of the medical office building sector. In what was considered one of the first large hospital-driven MOB monetizations in the country, Chicago-based Advocate Health Care sold eight buildings totaling 460,000 square feet to the former Great Lakes REIT. The price was $60 million, or about $130 per square foot.

Eleven years later, seven of the eight buildings in the original Advocate portfolio are for sale. And once again, the portfolio could have a significant impact on the MOB market as the offering comes at the time of a reported shortfall of desirable, for-sale medical facilities.

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