March 4, 2020– Avison Young announced today that it negotiated the sale of a 60,231-square-foot (sf) Class A medical office building at 1111 Trinity Lane in Bloomington, IL. Hammes Partners was the buyer. The seller, McLean County Orthopedics, will lease the building back on a long term leaseback.
Avison Young’s national healthcare capital markets team led by Avison Young Principals Mike Wilson and Erik Foster, who are both based in the firm’s Chicago office, along with Principal Jim Kornick in the firm’s Washington, DC office, represented the seller.
“We continue to see strong interest in the medical office sector, as investors search for recession-resistant assets that can provide stable returns,” says Wilson. “In today’s market, assets that are tied to entrenched healthcare systems and quality physician groups are a strong draw for investors especially considering the current interest rate environment.”
McLean County Orthopedics is a leading orthopedic provider in Central Illinois and has made significant investments in the building, including installing an imaging center with MRI, X-ray, Ultrasound, DEXA equipment as well as a Flouroscopy Procedure Center. McLean County Orthopedics additionally offers in-house occupational therapy and walk-in Ortho Care at the facility.
The building was constructed in 2016 as a build-to-suit by McLean County Orthopedics and in alignment with Advocate Healthcare to create a Wellness Campus. The facility is attached to Advocate Healthcare’s Wellness Center. The orthopedic practice is also strongly aligned with the adjacent Advocate Healthcare’s BroMenn Medical Outpatient Center.
Bloomington is a growing regional economic hub in Central Illinois and is home to large employers such as State Farm Insurance Co., Illinois State University, and Country Financial. The location offers easy access to major cities such as Chicago, Springfield, and St. Louis via major interstate highways including I-39, I-55 and I-74.