Greenstone Partners successfully sold the iMed Naperville Medical Office Building, a Class-A, multi-tenant medical office asset located in Naperville, Illinois, a prestigious suburb of Chicago. The asset, located at 1331 West 75th Street, sold for $28,000,000 or $386 per square foot.
The property is 96% leased to a strong mix of medical tenants, including its anchor tenant, Edward-Elmhurst Health, now operating under the Endeavor Health banner. Edward-Elmhurst occupies 47% of the building and holds a “AA-” investment-grade bond rating from Standard & Poor’s. The asset comprises 72,000 square feet and was built in 2015. It is located less than 1.5 miles from Edward Hospital’s 850,000-square-foot main campus, which has 294 beds and is a Level 2 Trauma Center. All tenants initially signed long-term leases, demonstrating their commitment, and providing security of cash flow. The buyer was also attracted to the property’s location on the south side of Naperville, centrally located between Naperville, Bolingbrook, Woodridge, Aurora, and Plainfield, with average household incomes exceeding $160,000.
“The investment sale confirms that trophy assets continue to achieve strong valuations, particularly in the medical office sector. Every tenant initially signed long-term leases, underscoring their commitment to this prime location and highlighting healthcare as the largest and fastest-growing sector in DuPage County,” said Jason St. John, Managing Partner. “iMed itself functions almost like a mini health campus by offering a diverse range of services to its patient base. Tenants benefit from cross-traffic, referrals, and the advantage of proximity, which collectively enhance the overall patient experience and convenience.”
Greenstone Partners’ Jason St. John represented the seller, DynaCom Management, and procured the buyer, MCB Science + Health. Through the exclusive listing process, Greenstone secured over half a dozen bids. The transaction represents the largest individual multi-tenant medical office sale in the Chicago metro area over the last 5-years, according to CoStar.
