CBRE is pleased to announce that it facilitated the sale of the Elk Grove Village Medical Campus, a 52,126-square-foot campus with four medical outpatient buildings (MOBs) located at 901 Biesterfield Road, Elk Grove Village, Illinois to Casa Avore, a private capital group.
Chris Bodnar, Brannan Knott, Zack Holderman, Anthony Sardo, Cole Reethof, Jesse Greshin and Trent Jemmett of CBRE U.S. Healthcare Capital Markets partnered with Kevin Kobe of CBRE’s Chicago Capital Markets team to act as the exclusive advisors to the seller, Stage Equity Partners.
The diverse tenancy in the four MOBs comprising Elk Grove Village Medical Campus is anchored by Fresenius Medical Care (S&P: BBB- | Moody’s: Baa3) and possesses a highly coveted CON in the state of Illinois. Other tenants include Midwest Sports Medicine & Orthopaedic Surgical Specialists, Medical Center Dental Associates and Nephrology Associates of Northern Illinois and Indiana. The campus was 95% occupied with a weighted average length of tenancy in excess of 20 years at the time of sale. The properties offer unique physical attributes that include an 8.1 per 1,000 SF parking ratio, 8.6-acre land site and a ±12,000 square foot future development opportunity.
“Stage Equity has owned Elk Grove Village Medical Campus for over a decade and has kept the buildings above 95% occupancy the entire time,” said Chris Bodnar, CBRE’s Vice Chairman of the U.S. Healthcare Capital Markets practice. “This campus is incredibly well located, offering tenants direct access to their suites and reduced occupancy costs given the single-story nature of the buildings.”
Located in a suburb of Chicago, Elk Grove Village Medical Campus is at the epicenter of Elk Grove’s medical community, immediately adjacent to the region’s dominant acute care hospital, Ascension Alexian Brothers featuring 401 licensed beds, along with the 72-bed Ascension Alexian Brothers Rehabilitation Hospital. Elk Grove Village offers high-quality local amenities and immediate access via Interstate-290, I-390, and Route 53, providing a desirable healthcare experience for patients and a fully serviced work environment supporting recruitment and retention of employees.
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