CHI Memorial Sells Medical Office Building On Campus For $17.6 Million; Closing Westside Clinic

Friday, July 14, 2017

CHI Memorial has sold a medical office building on campus to Doc-2501 Citco Avenue Mob Llc for $17,620,712.

Memorial's Lisa McCluskey said the transaction is to a publicly traded REIT. 

She said, "This initiative is part of a long-term effort to obtain maximum value from Catholic Health Initiative’s owned and leased real estate by creating master real estate plans that align Catholic Health Initiative’s real estate holdings with organizational priorities for workforce planning, medical staff partnerships and current business environments.

"Last year, a comprehensive evaluation was completed on all non-hospital real estate, including outpatient medical office buildings, ambulatory surgery centers, ambulatory care centers, administrative facilities and non-core real estate.  As a result, Missionary Ridge Medical Tower was sold, and this is another component of that comprehensive plan. CHI Memorial entities will remain in their current spaces.

"This initiative is a key component of Catholic Health Initiative’s overall real estate strategy to effectively and strategically manage properties across the nation, helping to strengthen operational and financial performance."

CHI Memorial is also closing its Westside Clinic, citing a drop in patient use.



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