hsa commercial real estate's primecare division purchases medical office building in urbana, ill.
June 21, 2005
(Chicago – June 21, 2005) Continuing its ongoing acquisition of medical office buildings, HSA|PrimeCare, the health care real estate consulting division of HSA Commercial Real Estate, has purchased a 47,794-square foot medical office in Urbana, Illinois. John Wilson, president of HSA|PrimeCare and the firm's Corporate Real Estate Services divisions, led the team that identified and put together this acquisition.
The property, located at 1405 W. Park Street, was constructed in late 2002 and is connected by a skywalk to Provena Covenant Medical Hospital, part of an extensive network of hospitals, extended care facilities and clinics dedicated to improving community health care. The medical office building is 100% leased to such tenants as the University of Illinois College of Medicine, Orthopedic Associates of Kankakee, a Women's Center, Renal Research Institute and Provena Covenant Medical Center.
“Even before we closed on this property we were adding value to it by working with the existing owner and Provena Hospital to secure an additional lease for 9,000-square feet,” commented Wilson. “This brought the building to 100% occupancy.” HSA also has the right to develop a future medical office building on the vacant land east of the property.
This acquisition brings HSA's medical facility portfolio to over 7 projects in three states, including 3 new medical office buildings the firm has developed in the Chicago suburbs, with a total portfolio value of over $75,000,000. Melissa Pielet, executive vice president of the firm's finance brokerage division, arranged the financing for this purchase through Barclays Capital.
Celebrating more than 24 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. The firm and its principals have developed and acquired more than 30 million square feet of commercial real estate with total consideration in excess of $1.5 billion, its brokerage divisions have completed more than 6,500 transactions in over 30 states representing both owners and tenants, while the asset management division currently manages a property portfolio in excess of 18 million square feet.
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