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News Release: MedProperties gets approval to build MOB within Hines’ 1.2 Million SF development near Chicago

NEWS RELEASE

The 78,000 square foot medical office building will be located within Oak Brook Commons, the 17.5-acre master-planned redevelopment of the former McDonald’s Headquarters

 

The seven-story, 78,000 square foot Oak Brook Commons Medical building (top) will be located in a 17.5-acre master-planned mixed-use development in Oak Brook, Ill. The site plan (bottom) shows the medical building in the upper northeast corner of the development.

OAK BROOK, Ill., and CHICAGO, Sept. 9, 2020 – The Oak Brook Village Board of Trustees voted last night to approve a Planned Development Amendment application, clearing the way to build Oak Brook Commons Medical. The seven-story, 78,000 square foot outpatient facility will be developed in the $500 million 17.5-acre master-planned mixed-use development Oak Brook Commons, near Chicago.

The Class A medical office building (MOB) is a project of MedProperties Group (MPG), a 16-year-old, full-service medical real estate firm headquartered in Chicago.

MedProperties Group CEO and Founding Partner Matthew J. Campbell said the original plans for the 17.5-acre former McDonald’s Plaza site didn’t include an MOB.

“Our team at MedProperties Group knew that the Oak Brook area was underserved in terms of healthcare services, so we approached Hines with the idea of adding an MOB to the site,” Mr. Campbell explains.

“We’ve had a good relationship with them for some time, and they agreed that the addition of an MOB would enhance the Oak Brook Commons development for residents, visitors, tenants and investors alike.”

“This is a major project at a highly visible, high-traffic location on the corner of West 22nd Street and Spring Road near U.S. Interstate 88,” he adds. “We expect that the new MOB will provide high-quality, comprehensive care to Oak Brook residents, as well as residents of surrounding communities and people in the retail stores and offices in surrounding Oak Brook.”

Greg Van Schaack, Senior Managing Director of Hines, said city approval of an amendment was needed as the MOB project wasn’t included in the Oak Brook Commons Planned Development for the site that the Village Board adopted in May 2019.

“We presented a revised proposal to the Village of Oak Brook to make one of the planned condo buildings larger and develop an MOB at another site that had been earmarked for more condos,” explains Mr. Van Schaack. “Our detailed proposal clearly showed that the medical building would be consistent with the Oak Brook Comprehensive Plan and will fit perfectly within the overall development scheme of providing exceptional amenities, architectural appeal and creative site design.”

Mr. Van Schaack added, “We conveyed that the medical building will be an integral element in transforming the vacant McDonald’s Plaza into a world-class mixed-use destination.”

Current plans for the first floor of Oak Brook Commons Medical include the main lobby, plus space for an immediate care clinic and a comprehensive imaging suite. 281 covered parking spaces will be self-contained within the building on Floors two through four. Floors five through seven will house multiple medical specialties to be determined, such as a women’s center, family care, orthopedics and other services designed to meet the needs of the community. An outdoor terrace on the fifth floor will create a calming setting for patient families, staff and physicians.

The planned ground floor immediate care suite will include its own dedicated patient drop-off on the northwest corner of the building fronting Commerce Drive, and the east entrance will also feature a covered patient drop-off.

The overall $500 million Oak Brook Commons mixed-use development will be built in three phases, with the MOB expected to be completed in the first phase in 2022. The multi-use development also will include retail stores, restaurants, a T3 office building, 72 condominium units, 250 rental apartments, a 252-room hotel and a park.

Mr. Campbell noted, “Despite the incredibly challenging real estate environment and the COVID-19 public health emergency, the MOB project is in compliance with all aspects of the overall Oak Brook Commons development plan and on schedule. We have assembled a development team with the expertise, financial capability, Oak Brook-specific experience and creativity to ensure that that the project will be a tremendous success.”

It is anticipated that construction of Oak Brook Commons Medical will begin Q1 2021 and the MOB is slated to open in 2022.

The architect for the MOB project and Oak Brook Commons is the Chicago office of Antunovich Associates, which has extensive experience in designing mixed-use projects in Illinois and throughout the country.

Healthcare providers interested in leasing space in Oak Brook Commons Medical are encouraged to contact Jay Heald of MedProperties Group at 847-682-7877 or jheald@medpropertiesgroup.com.

About MedProperties Group

MedProperties Group was established in 1994 as a sister company to Matthew J. Campbell’s SameDay Surgery, LLC, which at the time was the largest private non-hospital outpatient surgery center provider in the Chicago area. After the sale of SameDay in 2004 to USPI, Mr. Campbell expanded MedProperties to a full-service medical real estate investment, development and operating platform based in Chicago. The team is comprised of senior real estate professionals with institutional backgrounds and healthcare provider experience. MedProperties Group targets acquisition, development and redevelopment investments in a variety of healthcare types with a focus on the medical office sector throughout the Midwest and Southwest. With nearly 2 million square feet under management, the firm has established partnerships with numerous prominent institutional, family office and individual equity partners as it continues to grow its portfolio of outpatient facilities through acquisitions and developments. For more information, please visit MedPropertiesGroup.com.

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Please visit www.hines.com for more information.

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News Media Contact:
Jay Heald, Vice President, MedProperties Group
(847) 682-7877 ■ jheald@medpropertiesgroup.com

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