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NAI Hiffman Brokers Long-Term MOB Lease in New Lenox
NAI Hiffman brokered a long-term lease for Silver Cross Hospital at 1890 Silver Cross Blvd., a six-level, 174,855-square-foot medical office building known as Pavilion A in New Lenox, Illinois.
Immediately following execution of the lease, the building was sold for $88.6 million to Chicago-based Farpoint and Dallas-based The Landes Group. Chris Bodnar of CBRE represented the seller, PGIM Real Estate and NexCore Group, in the sale transaction. Perry Higa, executive vice president and partner at NAI Hiffman, represented Silver Cross in executing the long-term lease.
The transaction included the renegotiation of Silver Cross’ existing lease and established Silver Cross as the largest tenant in the building, which is 96% occupied. Silver Cross will retain its footprint on the first and lower-level floors, plus the upper levels. NAI Hiffman has been retained as the leasing agent for the building, which was constructed in 2012. Hiffman National will also serve as the property manager.
