Farpoint Development And The Landes Group Acquire Medical Office In New Lenox From PGIM Real Estate

The asset involved in this transaction is a medical office building located at 1890 Silver Cross Boulevard in New Lenox. The building, known as Pavilion A at Silver Cross Hospital, has a total square footage of 175,000 and is currently 96% leased, featuring a 12-year weighted average lease term, with prominent anchors including Silver Cross and health systems like Rush University Medical Center and University of Chicago Medicine.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: Not disclosed
• Buyer: Scott Goodman & Regina Stilp - Farpoint Development; Brett Landes - The Landes Group
• Seller: Cathy Marcus - PGIM Real Estate
• Buyer's Representative: Perry Higa - NAI Hiffman
• Seller's Representatives: Chris Bodnar, Brannan Knott & Cole Reethof - CBRE

A joint venture between Farpoint Development and The Landes Group successfully acquired the property from PGIM Real Estate. The transaction was facilitated by NAI Hiffman acting as the broker for the buyer and CBRE serving as the broker representing the seller.