MOHAWK ASSET MANAGEMENT CORP. ANNOUNCES PURCHASE OF A MEDICAL/PROFESSIONAL OFFICE BUILDING IN CHICAGO (LOMBARD), ILLINOIS
TORONTO, Oct. 24, 2022 /CNW/ - Mohawk Asset Management Corp. ("Mohawk"), a Toronto-based alternative asset management firm specializing in healthcare real estate, announced today its purchase of a medical/professional office building in Lombard, Illinois by the newly formed Mohawk Chicago (Lombard) Opportunity Partners (IV) LP.
The DuPage Corporate Center is a 165,000 square foot, three story office building in the growing town of Lombard, DuPage County, a western suburb of Chicago. The building's tenancies include healthcare and education administration, government and social services in a suburban, commuter setting.
The property was financed by an amortizing bank mortgage for a seven-year term.
The equity offering was placed by way of a direct investment from a private family office in New York City.
This acquisition represents a continuation of Mohawk's cross-border investment platform called 'Mohawk America' which invests in U.S. healthcare real estate with cash flow stability and growth potential, syndicated to Canadian and American investors.
Mohawk Medical Management Corp. will bring its expertise in medical office building management to provide specialized professional management services to tenants and patients at the building.
Mohawk anticipates closing on future opportunities in Illinois and New York in 2023.
SOURCE Mohawk Asset Management Corp.
For further information: Oleg Primack, Investment Associate, Mohawk Asset Management Corp., Phone: 416-532-2200