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Chicago & Midwest  + Greater Chicagoland  + Healthcare  |  April 23, 2018
Paul Bubny
By: Paul Bubny

Elgin Medical Condo Deconversion Trades to PE Firm

Fletcher Drive Medical Center in Elgin, IL, which formerly housed 10 medical office condominiums individually owned by various physician groups, has traded to California-based private equity real estate investor IRA Capital. Terms were not disclosed. At closing, IRA collapsed the condo association and converted the asset to a standard multi-tenant medical office building, fully leased to the physician groups.

Prior to the sale, Cushman & Wakefield’s Gino Lollio and Scott Niedergang persuaded the condo association to pursue a portfolio sale. “By agreeing to pursue a sale together, the condo owners at Fletcher Drive Medical Center were able to realize a pricing premium,” said Niedergang. “The buyer pool for this asset in its entirety is much larger than a one-off medical office condo sale.”

Amer Kasm, IRA principal and co-founder, said his firm was attracted to the property primarily due to “its synergistic mix of successful medical practices.”


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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