IRA Capital pays $56M for medical office ground lease at 3000 N Halsted in Chicago’s Lakeview. Healthcare Realty Trust exits the Advocate Health Care-operated property amid growing investor appetite for medical office assets.
IRA Capital has completed a $56 million acquisition of a ground lease interest in a medical office building located at 3000 North Halsted Street in Chicago’s Lakeview neighborhood. Healthcare Realty Trust served as the seller in the transaction, which closed on January 22, 2026.
Advocate Health Care operates the medical office facility under the ground lease structure. This arrangement separates ownership of the building improvements from the underlying land, a common configuration in healthcare real estate that can provide specific tax and operational advantages.
Medical office properties have attracted substantial capital as investors seek alternatives to traditional office buildings. Demographic trends, particularly an aging population requiring increased healthcare services, support demand for medical facilities. These assets typically demonstrate greater occupancy stability compared to conventional office space.
Ground lease investments present distinct characteristics for institutional buyers. They often generate predictable income streams while requiring minimal property management responsibilities. The asset class has grown in popularity among pension funds and institutional investors seeking long-term holdings.
Chicago’s Lakeview neighborhood offers strong fundamentals for medical office operations, with dense residential population and established healthcare infrastructure. The area’s accessibility and demographics support patient volumes for medical practices.
Amer Kasm represented IRA Capital in the acquisition, while Peter Scott handled the transaction for Healthcare Realty Trust.