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Kayne Anderson buys Schaumburg medical center for $18M
Inland Private Capital Corporation was the seller of the 53K sf building
Kayne Anderson Capital Advisors bought a Schaumburg medical center for $17.75 million.
The firm bought the two-story, 53,000-square-foot building at 929 West Higgins Road from Inland Private Capital Corporation.
The building is home to a branch office of Barrington Orthopedic Specialists, which sold the seven-year-old building in 2014 to Inland for $14.2 million in a sale-leaseback deal, according to Real Capital Analytics.
A spokesperson for the practice did not immediately return a call.
Florida-based Kayne Anderson secured a $23.3 million loan on the property from Lake Forest Bank & Trust.
The building sits within an office submarket where the average vacancy rate is more than 31 percent.
The market is burdened by a number of vacant corporate campuses, including the former GE Healthcare headquarters in Barrington and the Motorola Solutions property in Schaumburg, though there’s growing hope for the latter as village officials develop a plan to turn it into a dense, urban-like development.