MedProperties Realty Advisors, a Dallas-based healthcare real estate investor, has acquired Millennium Medical Center, a 41,540-square-foot medical outpatient building at 10604 Southwest Highway in Chicago Ridge.
The two-story building, with an open atrium entryway, was purpose-built in 2018 by a group of local physicians. The property’s location provides easy access to nearby hospitals, and the original physicians group sold the property to MedProperties. Terms of the transaction were not disclosed. Debt for the transaction was provided by Old National Bank.
The lead tenant of the building is an affiliate of US Oncology, a national network of more than 600 cancer treatment centers. A tenant base that services patients suffering from cancer and related ailments makes up the balance of the tenancy at Millennium Medical Center. Many have made long-term lease commitments, creating an advantageous long-term weighted average lease term.
“Medical and healthcare real estate continues to provide a great risk-adjusted investment opportunity relative to other asset classes,” said Darryl Freling, Managing Principal, MedProperties.
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