ELK GROVE VILLAGE, IL—Stage Equity Partners has acquired a 52,126-sq.-ft. medical office complex here called Woodland Square for $7.2 million from a local family partnership.
The complex of four single-story interconnected buildings is in the heart of the Alexian Brothers Medical Center campus, directly across the street from the 387-bed flagship hospital for the Alexian Brothers Health System. The system is a subsidiary of Ascension Health.
Stage Principal Russell Brenner said Woodland is anchored by Fresenius North America and Midwest Sports Medicine and stands at 99 percent occupancy with 19 tenants that provide health care-related services, such as general care, orthopedics, pediatrics, dialysis, imaging and dental services. Brenner said in a statement that Alexian Brothers owns and/or operates all buildings directly surrounding Woodland Square, making the acquisition the last piece of land on the campus that the hospital does not control. Gary Wool with Janko & Wool Real Estate Finance helped identify Stage as a buyer.
Brian Howard, president of Stage, said his firm plans to evaluate modest upgrades to the property, such as improved landscaping, updated monument signage and building directories. This is Stage’s eighth acquisition, bringing its portfolio to a value of approximately $50 million dollars across four states. “We have technology now that supports a shift toward outpatient medical services,” he says. “The shift will continue to move the medical delivery model away from acute care facilities and more toward conveniently located medical office buildings like we find at Woodland Square. This is a great example of the kind of property we continue to look for.”