June 21, 2018
Harrison Street Real Estate Capital acquired a 439,000-square-foot portfolio of eight medical office buildings in Chicago from the DuPage Medical Group for $240 million. The Chicago-based private equity firm picked up assets in Naperville, Lisle (pictured), Bloomingdale, Tinley Park, as well as suburbs west and southwest of the city, in a deal that ranks as one of the market’s largest recently.
DuPage Medical, Chicago’s largest independent physicians group, will lease back the buildings from Harrison Street.
Harrison Street was co-founded by former Motorola Chairman Chris Galvin in 2005, and has grown into a $14.6-billion portfolio of medical office buildings, senior housing, student housing and self-storage assets. Colliers International made a $500-million investment in Harrison Street for a 75% stake in the company, which allowed the Galvin family to cash out.
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