Remedy Medical Properties And Kayne Anderson Real Estate Acquire Rush Oak Brook Medical Center For $71M

The Rush Oak Brook Medical Center in suburban Chicago has been acquired by Remedy Medical Properties and Kayne Anderson Real Estate for $71 million. The demand for medical office assets is highlighted by this transaction, as medical properties continue to be attractive despite the high vacancies and rising interest rates in Chicago's commercial real estate sector. The joint venture plans to enter into a long-term leaseback agreement with the seller, Rush University System for Health.

Summary of transaction details

• Property Type: Medical Office
• Transaction Amount: $71,000,000
• Square Footage: 93,400 SF
• Price per Square Foot: $760
• Address: 2011 York Road
• Market: Oak Brook

Remedy Medical Properties and Kayne Anderson Real Estate teamed up to acquire the Rush Oak Brook Medical Center. Peter Westmeyer and Joe Magliochetti represented Remedy Medical Properties, while Al Rabil represented Kayne Anderson Real Estate. On the selling side, Omar Lateef represented Rush University System for Health. The joint venture plans to maintain a long-term leaseback agreement with Rush University System for Health, allowing them to continue operating in the medical office space.