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Tampa REIT pays $59.95 million for Chicago medical building

  • By Louis Llovio
  • | 12:30 p.m. October 2, 2023
  • | 2 Free Articles Remaining!
Sila Realty Trust has bought a Loyola University Medical Center-run facility outside of Chicago.
Sila Realty Trust has bought a Loyola University Medical Center-run facility outside of Chicago.
Courtesy photo
  • Tampa Bay-Lakeland
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Sila Realty Trust has bought a 104,912-square-foot medical office building near Chicago.

The Tampa-based REIT paid $59.95 million for the Burr Ridge Healthcare Facility, which is located in Burr Ridge, a suburb about 20 miles southwest of Chicago. The building is fully leased by the Loyola University Medical Center.

Sila, in a statement announcing the purchase, says the three-story building is on 6.9 acres and is Loyola’s “largest ambulatory care facility offering services from primary care and specialists who treat adults and children in several areas of expertise, including cardiology, women’s health, ophthalmology, transplant, neurology, radiology and rehabilitation services such as physical, occupational, speech and cardiac.”

In the statement, Sila’s president and CEO, Michael Seton, says the university-run property is unique because it offers all the levels of care “in one convenient and efficient building.”

He added that buying it “demonstrates the company’s ability to source accretive acquisitions in the current market environment and supports our goal to maximize stockholder value by adding properties with strong creditworthy tenancy.”

Sila, which operates out of offices in Water Street Tampa, owns more than 132 properties and two undeveloped parcels in 59 U.S. markets. This after selling 29 data center properties in 2021 to a Singapore-based company for $1.32 billion.

According to its most recent earnings report issued Aug. 7, its net operating income for the second quarter of this year was up 3% to $40.3 million when compared to the same period last year.

Since early last year, the company has made several significant purchases including buying a three-building medical office complex in Washington state for $8.5 million and a medical office building outside of Pittsburgh for $14 million.

It also bought the Escondido Inpatient Rehabilitation facility in Escondido, California, a two-story rehabilitation hospital sitting on 4.1 acres near San Diego, for $63.4 million and Tampa General Hospital’s rehabilitation hospital building on Kennedy Boulevard for $51.2 million.



Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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