In February 2024, we completed the sale of the Cloverleaf Fund VI’s 31,332 square foot “meditail” center in Glendale Heights, IL for $7,100,000. We acquired the property in July 2014 for $4,354,850. While the asset was part of Fund VI, when viewed on its own, the investment yielded an 11.28% IRR and a 2.23 equity multiple over the course of our approximately 9.5-year hold.

When we bought the property in 2014, it was 76% occupied and, as is the case today, anchored by Fresenius Medical Care, the world’s largest dialysis provider. We sold the property at 100% occupancy after signing a long-term lease extension with Fresenius. During our ownership, we also made various upgrades to the building and upgraded its tenant profile, including adding more light medical users, a frequent leasing target for Cloverleaf’s properties.

We are pleased with the outcome of the investment and gratified to have returned significant profits to Fund VI’s investors.