Portfolio Located Throughout Chicago MSA
Chicago —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the portfolio transaction of five quality healthcare assets located throughout the Chicago MSA. The Oak Street Health Portfolio, which sold for $24,157,000, features well-established medical office buildings totaling 44,616 square feet. First Vice President and Senior Director Michael Moreno, First Vice President and Senior Director Rahul Chhajed, and Senior Associate Andrew Fagundo handled the transaction.
Matthews™ represented the seller and internally sourced the buyer. The buyer saw the value of having Oak Street Health in their portfolio as all five properties are located in strong retail corridors in Illinois and Indiana.
“All five of the properties were on the market individually and as a portfolio, but we were able to complete the sale as a portfolio,” said Fagundo. “Thanks to the Matthews™ internal database, we found a buyer and entered into escrow quickly.”
CVS Health Corp. acquired Oak Street Health for $10.6B mid-transaction, nearly doubling the tenant’s valuation. This significantly improved the security of the asset long term for the buyer.
“We competed with several brokerage firms to win the assignment. Our execution ultimately came down to our specialization of healthcare real estate and our ability to leverage our institutional capital relationships to execute at a great price on this portfolio, even in a historically volatile market,” said Chhajed.
“We were able to navigate some minor challenges, close on time, and close with the first buyer that we went under contract with,” Moreno said.
For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 20+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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