MLL Capital Expands Medical Office Portfolio With Four Acquisitions

MLL Capital, a Boston-based commercial real estate investor focused on medical office, laboratory and life sciences properties across the US, announced today the recent acquisition of four medical office buildings, totaling 251,546 square feet during December of 2019.

The properties are located in Chicago, Minneapolis/St Paul, Washington D.C. and Nashville markets.

“These acquisitions align with our strategy to build a portfolio focusing on opportunistic and value-add investments in this sector and repositioning them to attract and retain high-quality medical tenants,” said Wyndsor DePetro, an MLL Capital Principal. “The assets, which are currently 81% occupied, present the opportunity to lease up to stabilized occupancy levels by attracting and retaining a diverse mix of high-quality medical office tenants with a targeted leasing effort using attractive lease packages and capital improvement plans.”

The acquisitions include:

— The 95,043 square foot Advocate Sherman medical office building located on the campus of the Advocate Sherman Hospital in Elgin, IL, part of the Chicago market

— 28 White Bridge Road, a 60,540 square foot medical office building located near the 498-bed St. Thomas West Hospital in Nashville, TN

— 46440 Benedict Drive, a 35,405 square foot medical office building in Sterling, VA, a submarket of Washington D.C.

— The 60,558 square foot High Pointe Health Campus located in Lake Elmo, MN in the Minneapolis/St. Paul market.

“These are well-located medical properties that present an opportunity to create premier, on- and off-campus, multi-tenant healthcare properties,” said Kyle O’Connor, MLL Capital President and Founder. “There continues to be strong interest from investors in value-add medical office, laboratory and life sciences properties, which offer some of the best risk adjusted returns in the market today given the underlying demand fundamentals and downside protection. These recent acquisitions have us on track to reach our goal of building a $500 million portfolio of institutional-quality assets in this sector.”

 

Source: HREI