Real estate investor Savlan Capital, which in the past year and a half has acquired more than 20 medical centers across the U.S., secured an important footprint in the Midwest by adding the Edison Lakes Medical Center, at 230-270 East Day Road in Mishawaka, Indiana, in June 2022.
The scope and ambition of the project earned it a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
Around the same time, Savlan closed on a deal to acquire another medical building — 18,000 square feet at 12200 S. Western Ave. in suburban Chicago, according to a news release from marketing and design firm Meyer Media. Savlan owns and operates more than 1.2 million square feet of real estate, which also includes assets in the retail, credit, office and multifamily segments.
The Edison Lakes Medical Center comprises 10 medical office condominiums totaling approximately 49,500 square feet within a larger office park of approximately 80,000 square feet. The center was built in 1991, east of the University of Notre Dame campus and is adjacent to St. Joseph Regional Medical Center.
Marcus & Millichap brokered the deal and stated, "This acquisition is a value-add play for Savlan Capital, which has a great history in turning properties to their potential ... and has done so on several other large, value-add medical and office properties ... in Atlanta, Dallas and Florida."
About the project: Savlan Capital purchased the Edison Lakes Medical Center at 230-270 E. Day Road in Mishawaka, Indiana, for $8.6 million in a deal that closed July 13, 2022.
What the judges said: "Good ambitious plans for increasing occupancy," said Davin Raiha, professor of real estate and economics at the University of Notre Dame Fitzgerald Institute for Real Estate.
"The sale brought in a national buyer who has extensive experience executing similar business plans across the country," said Josh Miller, vice president of investments with the Sterling Group.
They made it happen: Zusha Tenenbaum is the founder and CEO of Savlan Capital. Joseph DiSalvo, senior managing director of investments; Forest Bender, first vice president of investments; and Alexander Nulf, associate at Marcus & Millichap.