Edward Healthcare Center
- Development & Ownership
Purchase Date: October | 2011
Purchase Price: $6.2 million
Equity: $1.8 million
Sale Price: $8.2 million
Sale Date: June | 2013
- Identified, controlled and acquired a built-to-suit site
- Purchased site that was off-market and previously unavailable for purchase
- Site location permitted Edward to recruit key physician group to join forces
When Edward Health Ventures approached Irgens with its plan to extend its service reach into the expanding western Chicago suburbs, Irgens acted quickly. The firm performed a comprehensive site search along Route 59 and Irgens identified a site, executed a land subdivision and procured all government entitlements. Irgens led the development process by directing a team who designed and constructed the project.
The $6.2 million, 22,000 square foot medical office building opened on August 20, 2012. The build-to-suit and lease project offered primary care services from Edward Medical Group physicians, including walk-in/urgent care, physical and occupational therapy, mammography, ultrasound, X-ray and other specialty physicians. Not only did Irgens deliver an optimal location for the health system’s service delivery with the long-term credit lease, its investors were rewarded with a return on investment exceeding expectations when the building was sold in 2013.