Med Office Daily - December 17, 2025 - Greenstone sells Advocate Medical STNL in Chicago for $6.3M

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NEWS ROUNDUP

ACQUISITION: Greenstone Partners closes sale of Advocate Medical STNL for $6.3 million in Chicago. The 13,750 SF property, positioned in a dense urban-infill corridor, benefits from more than 35 years of tenant tenure and a new 10-year lease renewal with structured annual escalations. The buyer, an East Coast investment group, targeted the asset for its stable income profile, investment-grade credit tenancy, and long-term net lease. Greenstone Partners’ Danny Spitz and Jason St. John represented the seller, while Cody Simmons, Ben Greazel, and Adam Levinson of Colliers’ Chicagoland Debt & Structured Finance Team arranged the acquisition financing.

ACQUISITION: Montecito Medical acquires MOB in Ft. Myers, Florida. The 27,767 SF medical office building was completed in 2022 and is fully occupied by American Oncology Network and Radiology Regional Center. The property is located within a prominent healthcare corridor just half a mile from Gulf Coast Regional Medical Center. The acquisition marks Montecito’s thirteenth property purchase in Florida since early 2024. Rus Gudnyy, SVP of Investments, and Chip Conk, CEO of Montecito Medical, oversaw the transaction, continuing the firm’s strategy of building long-term partnerships with leading healthcare providers in growing markets.

DEVELOPMENT: Beebe Healthcare breaks ground on new MOB at Abessinio Health Campus. The three-story, 60,000 SF medical office building at the Abessinio Health Campus on Route 24 will feature a surgery center on the second floor with four operating rooms in partnership with Lewes Surgery Center, which will relocate operations once the building is complete. David A. Tam, MD, MBA, CPHE, FACHE, President & CEO of Beebe Healthcare, and Edward Jaoude, MD, Executive Director of Lewes Surgery Center, led the project. The facility is expected to open in early 2027.

ACQUISITION: AW Property Co. acquires Richmond MOB portfolio for $171 million. Bon Secours Medical Campus Collection, a six-property medical office building portfolio totaling 405,945 SF in Richmond, Virginia, was acquired from Healthcare Realty Trust Inc. The portfolio is anchored by Bon Secours Mercy Health and sold for $171 million. The largest asset in the portfolio is the 142,015 SF St. Mary’s South MOB. Other assets include St. Mary’s MOB Northwest, St. Mary’s MOB West, Memorial Regional MOB II, Memorial Regional MOB III, and Richmond Community MOB. The portfolio was 94 percent leased at closing. CBRE’s Chris Bodnar, Brannan Knott, Cole Reethof, Eric Williford, and Matt Hamilton advised the seller, while Zack Holderman and Jesse Greshin led the Debt & Structured Finance team securing acquisition financing through Capital One Commercial Banking.

FINANCING: Davis completes $171 million refinancing and secures $250 million line of credit. Davis has completed a $171 million refinancing of 19 healthcare properties across eight states and secured a line of credit up to $250 million through Capital One Healthcare. The portfolio totals more than 817,000 SF and includes properties such as the Intermed building in Portland, Maine. Mark Davis and Stewart Davis oversaw the transaction. The 19-building portfolio is 98 percent occupied with over 80 tenants, including M Health Fairview, Hartford Healthcare, University of Texas, University of Iowa, Ochsner, and Fresenius. Key assets include EastPoint Medical Office Building (CT), Smyrna MOB, Crossings MOB (TN), Intermed (ME), UT San Antonio (TX), and multiple Minnesota properties such as M Health Fairview, Cornerstone MOB, and CityPlace I–III. The portfolio is part of the Davis Medical Investment Fund in partnership with Healthpeak.

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