Greenstone Partners successfully completed the sale of 1952 McDowell Road, a 55,000 SF multi-tenant office and medical building located in Naperville, one of Chicago’s most prominent suburban real estate markets. The property traded for $6,070,000.
The building is anchored by a prominent behavioral health and mental health service practice, Advanced Behavioral Health Services, who occupies the entire third floor and recently expanded and extended their lease through 2029. The tenancy is a diverse and strong mix of medical users and general office. At 86% occupancy, the buyer, a local investor, had the opportunity to acquire a cash flowing asset with additional upside through the lease up of 6,600 square feet spread across three units.
The asset is located right off Route 59, which experiences nearly 50,000 vehicles per day, offering access to Naperville’s primary retail thoroughfare. Further, the building is located just south of I-88 access, which provides convenient access to tenants and customers all over Chicagoland.
Greenstone Partners’ Jason St. John and AJ Patel exclusively represented the seller, a large Naperville-based investor, while the buyer, was represented by an outside broker.
The closing marks Greenstone Partners’ 18th transaction in the Naperville submarket within the last 4 years, accounting for a total sales volume of nearly $103,000,000 spread across 740,000 square feet.
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
