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Avison Team Closes on MOB Sale-Leaseback in Central IL
Avison Young negotiated the sale of a 60,231-square-foot medical office building at 1111 Trinity Ln. in Bloomington, IL, a regional economic hub in Central Illinois.
Hammes Partners was the buyer. The seller, McLean County Orthopedics, will lease the building back on a long-term leaseback. Financial terms were not disclosed.
Chicago-based Mike Wilson and Erik Foster, along with Jim Kornick in Avison Young’s Washington, D.C. office, represented the seller.
“We continue to see strong interest in the medical office sector, as investors search for recession-resistant assets that can provide stable returns,” said Wilson. “In today’s market, assets that are tied to entrenched healthcare systems and quality physician groups are a strong draw for investors, especially considering the current interest rate environment.”
The building was constructed in 2016 as a build-to-suit by McLean County Orthopedics and in alignment with Advocate Healthcare to create a Wellness Campus.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
