In December 2017, Westminster Realty Partners II LP closed on the acquisition of 1051 West Rand Road, Arlington Heights, Illinois, a 100% leased, 32,244 SF, Class A medical office building and an adjacent land parcel entitled for a new, 32,244 SF medical office building development. A majority of the existing building is leased to Northwest Community Hospital (NCH), the leading healthcare provider in this market. In February 2018, NCH executed a 10-year lease for 50% of the new building. Arlington Heights is located 25 miles northwest of Chicago’s downtown. The lack of quality, Class A medical office space, and barriers to entry, coupled with significant demand drivers in healthcare provide a positive environment for this new medical office development. Construction of the new building will commence QII 2018.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. Careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.