Fletcher Drive Medical Building and Endoscopy Center – Physicians Endoscopy

Project Overview

PRECAP’s managing principal represented eight separate condominium unit owners including Advocate Healthcare, the largest health system in Illinois. Prior to marketing, ownership was advised on structuring individual sale-leaseback transactions that allowed 100% of the building to be sold to one buyer. By agreeing to pursue a sale together, all the condo owners received a pricing premium due to the larger buyer pool that existed for the entire asset vs. individual condo units. The asset is 40,000 square feet and included a synergistic mix of tenants including a three operating room endoscopy center. The buyer was a private equity firm focused on healthcare real estate.