Avison Young has been awarded the exclusive sale listing for the Illinois Medical Center, a 97,997-square-foot, fully-leased building located at 1001 Main Street in Peoria, Illinois.
The class A medical office building in downtown Peoria is on the campus of the University of Illinois College of Medicine and located within the Peoria Medical District. The property is adjacent to Unity Point (Methodist) Hospital and OSF Healthcare Medical Center.
Avison Young principals Mike Wilson and Erik Foster, who are both based in the company’s Chicago office and members of the firm’s national health care capital markets group, are representing the owners. Avison Young associate Pat Wilson, a medical-leasing specialist based in the Chicago office, and Avison Young principals Chip Ryan and Jim Kornick, who are based in the Washington, D.C office and also members of the firm’s national health care capital markets group, will be assisting in the transaction.
“This asset offers investors a unique opportunity to secure a fully-leased, class A multi-specialty medical office building that is aligned with the dominant hospital system and a major teaching institution in the market,” said Wilson. “This building is a best-in-market facility.”
The building is occupied by OSF Healthcare, Peoria Surgical Group and Illinois Gastroenterology Institute—all long-term tenants that have made capital improvements, customizing their spaces to suit specific applications.
The Foster and Wilson team has 30 years of combined experience in investment sales, providing asset advisory, disposition and sale/leaseback services to commercial property owners throughout the country. The team has completed transactions totaling more than $5 billion.