The South Florida Real Estate Investment Group Purchased Multi-Tenant Assets In Illinois and Indiana
Savlan Capital added to its burgeoning portfolio with the acquisition of two more medical buildings in the Midwest. The assets, valued at $14.75 million in total, are located in suburban South Bend, IN and Chicago, IL.
The Hollywood, FL-based investment group acquired Edison Lakes Medical Center located at 230-270 East Day Road in Mishawaka, IN for $8.6 million and 12200 South Western Avenue in Blue Island, IL for $6.1 million.
Edison Lakes Medical Center comprises 10 medical office condominiums totaling ±49,536 square feet within a larger ±80,000-square-foot office park. The property was built in 1991 just east of the University of Notre Dame campus and sits adjacent to St. Joseph Regional Medical Center Hospital and Unity Medical & Surgical Hospital. Edison Lakes Medical Center is currently 89 percent leased. Notable tenants include Fresenius and Labcorp.
“Edison Lakes Medical Center was an attractive investment opportunity due to its proximity to large hospitals, the presence of great national tenants, and the potential for growth through lease-up,” said Savlan Capital Chief Executive Officer Zusha Tenenbaum.
The Marcus & Millichap team of Joseph DiSalvo, Forest Bender, and Alexander Hull represented EL Medical Center, LLC in the sale of Edison Lakes Medical Center.
12200 South Western Avenue is an ±18,034-square-foot medical building located in suburban Chicago. Developed in 2007 as a retail strip center, the property sits on a ±1.1-acre site just west of Interstate 57 and is fully leased to Fresenius, Dental Dreams, and Midwest Express Clinic.
“12200 South Western Avenue features a great mix of regional, national, and international medical tenants in an ideal location with exceptional visibility,” said Tenenbaum.
Eric Cline of Cushman & Wakefield represented Shops at Blue Island, LLC in the sale of 12200 South Western Avenue.
In the past year, Savlan Capital has purchased more than 20 medical assets across the country valued in excess of $100 million. These acquisitions mark the continued expansion of Savlan Capital’s portfolio, which currently consists of single-tenant medical office buildings, business parks, flex properties, and multifamily communities throughout the United States.
“We have significant plans for growth and diversification in the coming years,” explained Tenenbaum. “Our strategies are informed by the current financial and real estate market conditions, which have recently guided us in the direction of medical assets. Going forward, we will continue to pursue opportunities in the medical market while also considering single- and multi-tenant NNN assets housing tenants in other industries that have historically performed well in the face of competition from E-commerce and a potential economic downturn.”
Savlan Capital is a fully integrated real estate investment company with over 20 years of extensive real estate investment management, acquisition, property management, development, and redevelopment expertise. Headquartered in Hollywood, Florida, Savlan Capital has a proven track record of successful investing in sustainable multifamily, office, industrial, medical office, and business parks in markets exhibiting diversified economies and strong population growth throughout the United States. For more information, please visit www.savlancapital.com.