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Silver Cross Hospital to Sell Three Land Parcels Totaling 420 Acres in Will County

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Posted On
March 8, 2006
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Located within developing commercial corridors in the Villages of Frankfort and New Lenox, IL

CHICAGO – Silver Cross Hospital, the leading healthcare provider in Will County for over 100 years, has retained CB Richard Ellis and Newcastle Limited to sell over 420 acres on three sites in Frankfort and New Lenox, IL, through a sealed-bid offering. Acquired by Silver Cross over the years, the sites, ranging in size from 220 acres to 70 acres, are located along developing commercial corridors within these growing residential communities.

“These properties will help accommodate future growth in the County and maximize the value of the Hospital’s assets to upgrade current facilities and expand the Hospital’s outpatient network. As part of a long-term investment strategy, we decided this was the right time to utilize this capital to help the Hospital achieve its long-term goals,” said William Brownlow, chief financial officer, Silver Cross Hospital. Silver Cross will retain five to 20 acres at each of these sites for future facilities.

The first development site is located at the southeast corner of Route 6 and Clinton Road in the Village of New Lenox. This 70-acre site benefits from close proximity to I-80 and the full interchange at Route 6 and I-355, which is currently under construction and will be opened to traffic in the fall of 2007. Based on its excellent access and visibility from these highways, this site would be ideal for retail or commercial development.

The second development site, consisting of 160 acres, is located at the northeast quadrant of Routes 30 (Lincoln Highway) and 45 (LaGrange Road), in the Village of Frankfort. This property is one of Will County’s premier development sites due to its size, frontage and location at the crossroads of two major arterial roads. With proposed full-access points at 93rd Street and Pfeiffer Road, and a growing population in the market area, an ideal use for this site would be a combination of retail, residential and commercial development.

The third development site, known as “Village Station”, spans 220 acres and is located at the northeast and southeast corners of Cedar and Laraway Roads in the Village of New Lenox. When completed, this master planned community, will be a model for transit-oriented developments, and will become the new focal point of the area. The first phase was completed in December 2005 with the opening of a new Metra station and a 318-car parking lot. The property surrounds the Metra station and is ready to be redeveloped for residential and commercial uses.

“Each of these sites offer tremendous opportunities for development and will appeal to a broad range of buyers,” said Perry Higa, first vice president, CB Richard Ellis.

Newcastle Limited’s Peter Tortorello, along with CB Richard Ellis’ Perry Higa and Thomas Goebel are the exclusive marketing agents for the properties. For more information about these properties, visit www.cbre.com/silvercross

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a FORTUNE 1000 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2005 revenue). The Company serves real estate owners, investors and occupiers through more than 300 offices (including affiliate and partner offices) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; investment management; appraisal and valuation; and research and consulting. Founded in 1906, CB Richard Ellis marks a century of excellence in real estate services this year. Please visit our Web site at www.cbre.com.

About Newcastle Limited

Chicago-based Newcastle Limited is a national real estate firm serving institutions, corporations and investors. The firm’s real estate advisory, development and investment services enable clients to maximize asset value and reduce project risk. To learn more about Newcastle Limited, visit the company website at www.newcastlelimited.com.