Vista Medical Office Building
- Property Management
Purchase Date: July | 2011
Purchase Price: $9.7 million
Equity: $2.2 million
Sale Price: $9.5 million
Sale Date: June | 2016
- Successful preleasing of multiple physician groups
- Delivered under budget and ahead of schedule
- Awarded Green Globes award for environmental sustainability
Vista Health System, a Community Health Systems’ affiliate, engaged Irgens to develop and own a medical office building on its outpatient campus located in the heart of growth in Lake County, Illinois. Irgens’ professionals interviewed dozens of physicians and determined the need for a 45,000 square foot facility to be built adjacent to Vista’s surgery center and emergency department. Once Irgens completed its original market analysis, Vista’s objectives for the project were clear: increase utilization of its surgery center and deploy its expanding cancer treatment service line and enhance their position to develop a proposed emergency department on its campus.
Irgens called upon its expertise in physician recruitment and leasing to bring top-tier practitioners to the project while achieving the health system’s vision of establishing the facility as a regional cancer center. As developer and owner, Irgens fully capitalized the project using its ready sources of debt and equity. This allowed Vista to preserve its capital for core initiatives while maintaining strategic control of the use of the new asset.
With successful preleasing of multiple physician groups in place, Irgens delivered the new facility under budget and ahead of schedule. Vista opened on time and was awarded the prestigious Green Globes award for its commitment to environmental sustainability. Irgens continues to provide energy-efficient and environmentally sustainable property management services.