News Release: PRECAP Brokers $15.2M Naperville, IL Surgery Center Real Estate

Physician Real Estate Capital Advisors Announces $15.2 Million, $763 Per Square Foot, Sale of Suburban Gastroenterology and Midwest Endoscopy Center Property in Naperville, Illinois

Investor Acquires Gastroenterology Clinic and Ambulatory Surgery Center Real Estate in Suburban Chicago

(August 15, 2022) NAPERVILLE/CHICAGO – Physician Real Estate Capital Advisors (“PRECAP”) announces the $15.2 million, $763 per square foot, closing of the Suburban Gastroenterology and Midwest Endoscopy Center located at 1243 Rickert Drive in the affluent Chicago suburb of Naperville, Illinois. PRECAP Managing Principal Scott Niedergang represented the seller, a physician partnership, and introduced the buyer, one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions.

The 19,900-square-foot facility, built in 2008, is utilized by Suburban Gastroenterology, Ltd. (SGI) and Midwest Endoscopy Center, LLC (MEC), a four operating room ambulatory surgery center (ASC). SGI employs nine physicians with a tenth starting in 2023. MEC is 51% owned by NorthShore University HealthSystem (Moody’s Aa3) with the balance owned by physicians affiliated with SGI.

In 2020, MEC underwent a 6,800 square foot expansion and renovation that added two operating rooms and six pre-op/post-up suites. Illinois is an ASC Certificate of Need (CON) state, which creates significant barriers to entry, and costs, for other providers in the market looking to offer endoscopy procedures. The subject property is the only freestanding, state-licensed, endoscopy center in DuPage and Will County. Since 2008, MEC has been recognized as one of the top endoscopy centers in the country by the American Society for Gastrointestinal Endoscopy (ASGE).

Naperville, Illinois, roughly 30 miles west of Chicago, is consistently recognized on lists including “Best City to Raise a Family in America,” “Cities with the Best Public Schools in America,” and “Best City to Live in America.” In 2021, the community was also named the “Safest City in America.”

“PRECAP was engaged by the physician-sellers to run a competitive marketing process that yielded multiple offers from the most active, and competitive, investors in the healthcare real estate sector,” adds Scott Niedergang of PRECAP. “Our relationships and marketing strategy resulted in a record-setting price per square foot for a healthcare facility in the western suburbs.”

About Physical Real Estate Capital Advisors, LLC:

Physician Real Estate Capital Advisors, LLC (“PRECAP”) provides sale-leaseback and investment sale healthcare real estate advisory services to physicians, private equity sponsors, investors, and developers. Company principals have executed more than $1.1 billion of transactions throughout the United States. Learn more by visiting www.precap.us.

Sabrina Wottreng
Publicist | Sabrina Wottreng Public Relations
262.215.6375
sw@sabrinawottreng.com

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