MEDPROPERTIES GROUP ANNOUNCES THE ACQUISITION OF A 63,000 SQUARE FOOT MEDICAL OFFICE BUILDING IN ARLINGTON HEIGHTS, ILLINOIS
June 20, 2012
NORTHBROOK, IL – MedProperties Group has completed an acquisition of a 63,000 square foot medical office building in Arlington Heights, Illinois at 1100 West Central Avenue. The property is located immediately adjacent to Northwest Community Hospital, the largest hospital in Chicago’s northwest suburbs. In addition to a strong roster of medical practices, an ambulatory surgery center is located within the building.
In conjunction with MedProperties Group’s comprehensive renovation program to upgrade and modernize the building, the property will be named the Arlington Heights Medical Center. “MedProperties Group’s medical office development and management platform provides us with the capabilities required to create substantial value for our investors and the tenants,” said Paul A. Kopecki, Chief Operating Officer of MedProperties Group.
This is the most recent investment for MedProperties Development and Acquisition Fund I, LP, a fund that was launched in late 2010 to leverage MedProperties Group’s comprehensive healthcare property, development, asset and investment management resources and experience. Debt financing was provided by GE Capital, Healthcare Financial Services. Jesse W. Ostrow, Director, Investment Management of MedProperties Group adds, “This latest investment builds upon the firm’s strategy to continue to grow its portfolio of medical real estate assets through both new developments and acquisitions.”