Chicago REIT, a real estate investment firm, purchased the Northwest Specialty Clinics building on the campus of PeachHealth Sacred Heart Medical Center at RiverBend located in Springfield, Ill., according to the Register-Guard.
Here are six notes:
1. The five-story building is approximately 122,479-square-feet.
2. The purchase is indicative of the increasing strength of the local commercial real estate market and changes in the healthcare industry.
3. The purchase breaks down to around $500 per square foot, resulting in a transaction of $61.4 million.
4. Mindy Berman, managing director of JLL, a real estate firm representing the seller of the building, stated recently-built medical office buildings are a sought commodity due to the aging of the population and increasing trend toward outpatient services.
5. The Northwest Specialty Clinics has many independent general and specialty surgical practices including Northwest Surgical Specialists, Oregon Lung Specialists, Oregon Neurology Associates, Eugene Gastroenterology Consultations and many others.
6. The outpatient facility has a sky bridge connecting it to the surgery floor of Sacred Heart Medical Center.
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