Laramar Group Adds Fifth Asset to Medical Properties Fund I with the Acquisition of Royal Boulevard Medical Center, a Medical Office Building Located in Suburban Chicago.
28 June, 2022
The Laramar Group, a leading national real estate investment and property management company, has acquired Royal Boulevard Medical Center located in suburban Chicago for its Laramar Medical Properties Fund I. The 30,000 SF single-story building was purpose-built in 2001 to meet specific needs of medical office tenants by offering a mix of direct entry suites in addition to suites connected via a singular common area. The property is in a medically focused pocket located less than two miles from two prominent hospitals, Advocate Sherman Hospital and AMITA Health St. Joseph’s Hospital, and is adjacent to two institutionally owned medical office buildings, an Advocate Urgent Care Center, a skilled nursing facility, and a senior housing complex.
The building’s tenants consist of a complementary mix of strong regional tenancy including Fox Valley Orthopedics, Advocate Health, Winter’s Family Practice, Suburban Women’s Health Associates, and Elio Vento.
The Laramar Medical Properties Fund I is investing in targeted U.S. markets and is focused on generating consistent distributable cash flow balanced with value-add upside. Laramar closed on three assets for the fund in 2021 and projects to acquire 7-10 assets in total ranging in size from $10 million to $50 million. The fund is focused on multi-tenant assets with health system, credit or dominant regional tenancy, favorable WALT, diversified medical uses, and assets that offer opportunities to enhance value through increased occupancy and building improvements.