Quadrangle sells two multi-tenant, well-leased buildings in prime Naperville, IL location
Chicago, IL – Avison Young announced today that it has negotiated the sale of a two-building, 70,000-square-foot (sf) core medical office portfolio in Chicago’s growing western suburban healthcare market.
Avison Young Principals Erik Foster and Mike Wilson, who lead the firm’s capital markets team in Chicago, represented the seller, Quadrangle Development Company. The buyer was California-based healthcare REIT, American Healthcare Investors. The transaction value was not disclosed.
The two class A buildings are located in Naperville, Illinois ̶ a highly competitive region for medical office space. Both buildings are within a 10-mile radius of five major hospital systems.
The portfolio has a 90 percent occupancy rate, with long-term tenants who are highly active in the area’s healthcare market. The three-story, 50,000-sf building located at 1020 East Ogden Avenue is anchored by DuPage Medical Group, one of the largest and most well-known independent multi-specialty groups in Illinois. The second building, located at 1012 West 95th Street, totals nearly 20,000 sf and is anchored by Adventist Health System (now called AMITA Health).
“This portfolio offers the buyer a chance to gain a foothold in the highly attractive Naperville medical office market with great demographics and a tenant roster of Chicagoland’s dominant healthcare players, including DuPage Medical Group, AMITA Health and Advocate Healthcare,” comments Wilson. “Naperville is a really desirable area for many nearby health systems, which should continuously drive demand for space in well-located buildings like these.”
The portfolio is situated west of downtown Chicago with easy access to a large and growing patient base in high-visibility locations. The buildings are strategically located near major regional hospitals: Edward Health Hospital in Naperville, IL; Northwestern Central DuPage Hospital in Winfield, IL; Adventist Bolingbrook Hospital in Bolingbrook, IL; Rush Copley Medical Center in Aurora, IL; and Advocate Good Samaritan Hospital in Downers Grove, IL.
Based in Chicago, Foster and Wilson have 30 years of combined experience in healthcare real estate investment sales, providing asset advisory, disposition and sale/leaseback services to commercial property owners throughout the country. They have completed transactions totaling more than $4 billion.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,100 real estate professionals in 75 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
