On September 11, JLL Capital Markets announced that it brokered the sale of a medical outpatient building (MOB) in Vernon Hills, Illinois, a suburb of Chicago.
The MOB, Hawthorne Commons, was completed in 2016 and is 88% leased to eight tenants and is anchored by Northwestern Medicine. The price was roughly $382 per square foot.
The acquisition was completed through a joint venture between Elliott Bay Capital Trust and Pantheon Ventures.
Elliott Bay Capital Trust is a privately held real estate investment company that focuses on essential healthcare properties. The company acquires, develops and manages healthcare properties that are net leased to health systems, national sector-leading companies and regional care providers.
Pantheon Ventures is a private equity, infrastructure, real assets and debt investor that invests on behalf of more than 1,000 investors, including public and private pension plans, insurance companies, endowments and foundations. Founded in 1982, Pantheon has more than 340 employees with more than $55 billion in assets under management as of June 30, 2020.
The MOB was sold by a joint venture between Hubbard Street Group and Centrum Realty, two real estate developers in Chicago.
According to data captured in the LevinPro HC database, this acquisition marks the 133rd MOB transaction of 2024, and the sixth in Illinois. This represents JLL Capital Markets’ ninth deal that it has advised on in the healthcare real estate industry for the year.
Additionally, this deal is Elliott Bay Capital Trust and Pantheon Ventures’ third joint venture together. In April 2023, the companies jointly acquired a 17,144 square foot MOB in Jackson, Michigan for an undisclosed price. In June 2023, they also purchased a 14,434 square foot MOB in Cedar Falls, Iowa for an undisclosed price.
