Mohawk Medical Asset Management has acquired an infill five-building, mixed-use plaza in the Chicago area for an undisclosed price.

The medical/professional and industrial buildings range from one to three storeys. The complex spans 150,000 square feet and is situated along the busy artery of Roosevelt Road in Glen Ellyn, Ill. Financial terms were not disclosed.

Toronto-based Mohawk said the acquisition represents a continuation of the firm’s cross-border investment platform called Mohawk America. Under the strategy, Mohawk invests in U.S. healthcare real estate with cash flow stability and growth potential via Canadian and U.S. investment syndicates.

In conjunction with the purchase, Mohawk formed Mohawk Chicago (Roosevelt) Opportunity Partners (V) LP. 

Richardson Wealth led an equity offered placed through a brokered private placement supported by Canaccord Genuity Corp., Raymond James and Wellington-Altus.

Mohawk said the property was financed by an amortizing bank mortgage for a five-year term, along with a revolving line of credit.

The company expects to close another acquisition on a value-add property in New York state in the second quarter of 2024.

Photo: LocalWorks