CBRE Advises Sale of Trophy Medical Building on Silver Cross Hospital Campus in Chicago MSA

CBRE facilitated the sale of the Silver Cross Hospital Medical Services Building “Pavilion A”, a 174,855-sq.-ft. medical outpatient building (MOB) located at 1890 Silver Cross Blvd. in New Lenox, Illinois, to Farpoint Development and The Landes Group.

Chris Bodnar, Brannan Knott, Zack Holderman, Anthony Sardo, Cole Reethof and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Tom Hollinden, Jon Springer, Andrew Kaplan and Gary Fazzio of CBRE’s Chicago Leasing team to act as the exclusive advisors to the seller.

The Silver Cross Hospital Medical Services Building “Pavilion A” is a generational Class A MOB, which is the largest outpatient facility on the expanding campus of Silver Cross Hospital and is directly connected on multiple levels to Chicago’s regional hospital. Pavilion A is 50% leased by Silver Cross Hospital, providing high acuity services including dialysis, neurology, neurosurgery, infusion, wound care and an advanced heart failure and breast clinic. Pavilion A was developed in 2012 in connection with Silver Cross Hospital’s $400 million replacement hospital campus on 130-acres, and Silver Cross Hospital recently spent $2.5 million to expand and remodel the laboratory and install PET/CT equipment in Pavilion A. Pavilion A is 94% occupied with 12 years of WALT, leased to multiple high caliber tenants including investment grade hospital and health system tenancy.

“Pavilion A is occupied by some of the top-performing specialists in the market and is integral to Silver Cross Hospital’s market-leading performance,” said Bodnar, a Vice Chairman with CBRE’s U.S. Healthcare Capital Markets practice. "The building is physically connected to the hospital at three levels and will remain a strategic component of this campus for decades to come.”

Located in New Lenox, a suburb of Chicago, the Silver Cross campus boasts significant frontage along the Route 6 and I-355 interchange, making the property easily accessible for employees, patients and caregivers. The property sits adjacent to major New Lenox developments, including the New Lenox Crossroads Sports Complex.

About Farpoint Development
The purchaser, Farpoint Development, does more than build buildings. Its founders have decades of experience solving real estate challenges by creatively and carefully answering the needs of its partners. Its ambition to build resilient, sustainable neighborhoods that people will be proud to work or live in decades from now is what drove them to found their firm. Farpoint Development designs for the long-term with buildings that are resilient and sustainable. They approach their work with optimism and embrace complex projects that anchor entire neighborhoods. Farpoint Development prioritizes relationships over profit and believes that strong partnerships with all its stakeholders generate stronger financial results. To learn more, please visit: farpointdev.com.

About The Landes Group
The Landes Group is a Dallas-based real estate investment firm specializing in tailored, balance-sheet-efficient financing strategies that create aligned partnerships and maximize long-term tenant value. Through a disciplined and collaborative approach, the firm structures capital solutions that bring tenants, developers and capital partners into true economic alignment. With 35+ years of experience, The Landes Group and its affiliates have completed more than $27 billion in transactions across 6,000+ properties nationwide and have pioneered financing structures that are widely used today. To learn more, please visit: www.thelandesgroup.com.