Rogers Park nursing home sells for $24M

Lincolnwood-based firm Mosaic Healthcare has sold a rehabilitation center in Rogers Park, records show.

The property, which houses the Mosaic at Lakeshore at 7200 N Sheridan Road, changed hands in a $23.8 million deal. The buyer is Lakeshore Properties LLC, an entity domiciled in Michigan.

The property sits on a 7,689-square-foot parcel near Loyola Park and Leone Beach. Lakeshore is funding the acquisition with a $22 million mortgage from Greystone.

The transaction adds to a busy stretch for health care firms in Chicago. Last month, Remedy Medical Properties purchased a commercial property at 920 West Higgins Road for $19.8 million and Complete Care Management bought a nursing home in Lakeview for $24.6 million.

CBRE predicts a rebound for medical office building sales this year after a 12.7 percent drop in 2020. The decline was much lower than that in other sectors, such as retail (42.8 percent), office (40.2 percent) and multifamily (27.6 percent).

An annual survey from PricewaterhouseCoopers and the Urban Land Institute included medical offices in its ranking of “buy” property types. The sector ranked second, just behind moderate-income apartments.