An affiliate of Stage Equity Partners LLC has acquired The Hollister Medical Office Portfolio in Libertyville, Illinois from Hollister Incorporated, an international medical supply manufacturer with its corporate headquarters in an adjacent 300,000-square-foot building. The deal was announced on November 27, 2023, and marks the 181st Medical Office Building (MOB) transaction of 2023.
The Hollister Medical Office consists of two buildings that total 91,818-square-foot. The portfolio consists of the three-story, 57,585-square-foot building at 1800 Hollister Drive that sits on 7.9 acres and was building in 1999. The other facility is a three-story, 34,233-square-foot building at 1900 Hollister Drive. It was originally was developed in 1980 (redeveloped in 2019) and sits on 5.1 acres.
The buildings have a combined occupancy of approximately 80%. Significant tenants of the MOBs include Advocate Medical Group, UroPartners, Weil Foot & Ankle, Northwest Neurology, Lake Forest Internal Medicine, Pediatrust, Illinois Retina Associates and other multi-location regional physician and dental practices.
Stage Equity Partners is a private real estate investment firm specializing in healthcare real estate assets, focused on medical facilities that are generally smaller in size and scope than assets targeted by healthcare REITs.
Stage Equity acquired the properties in an off-market transaction. A team from Cushman & Wakefield represented Hollister Incorporated in the transaction. Wintrust Bank provided the financing for Stage Equity. Financial terms of the deal were not disclosed.
