Medical Office Building Sold to Cole Capital for $23m+

Medical Office BuildingVIZZDA—December 19th, 2012 — Chicago-based industrial and office developer, Clarius Partners, has completed the sale of a 90,300-ft2 medical office building at the Southeast corner of 3rd Street and Earll Road for $23,781,541 or $263.36 per square foot. Tim Schenk of Cole Capital paid cash for the property to be occupied by Cigna Medical Group beginning in 2013.

The 3-story building was completed in the fourth quarter of 2012 and sits on 6.9 acres, zoned R-5. The property was designed to attain an USGBC LEED Silver designation. The adjacent 1.37 acres of vacant land is retained by Clarius Partners with reciprocal easements for development between the buyer and seller. All property information per developer.

Clarius Partners, through its principals H. Steven Duncan and Kevin Matzke, acquired the site on August 17th, 2011 for $8.04m following the demolition of Mountain Bell Plaza—the former headquarters of Qwest in Arizona. They paid $504,321 in cash and secured $18.15m in new construction debt with PrivateBank and Trust, maturing August 13th, 2013.


Paul Dionne

Director of Analytics

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