Avison Young has been awarded the exclusive disposition assignment for a fully leased, 134,697-square-foot corporate office building in the Chicago suburb of Bolingbrook, Illinois. The building is 100 percent leased on a long-term basis to ATI Physical Therapy, a leading U.S. outpatient healthcare provider with 887 clinics in 25 states.
Avison Young principals Erik Foster and James Hanson, both members of the firm’s national capital markets group, are representing the seller, Chicago-based Indevor Investments. The seller acquired the then-vacant building in 2007 and orchestrated a comprehensive renovation, repositioning and expansion of the facility, increasing the square footage by approximately 25,000 square feet.
“This is a unique opportunity for an investor to secure a building that is fully leased and backed by a dynamic, long-term healthcare tenant,” said Foster. “The facility is the nerve center of the company’s non-clinical operations and is a mission-critical facility enabling the national healthcare platform.”
The two-story facility, located at 780-800 Remington Boulevard, is a mission critical asset and has housed ATI Physical Therapy’s corporate headquarters since 2007. Following years of steady and rapid growth, ATI Physical Therapy was purchased by a private equity firm several years ago and is now majority-owned by Advent International, one of the world’s leading private equity firms.
ATI Physical Therapy has expanded in the building from 35 percent occupancy to 100 percent occupancy. The company has completed a lease extension to maintain tenancy in the building on a long-term basis. Over time, the tenant has also invested its own capital to further customize the building to meet its individual needs. The building is currently being used for corporate management and administration, as well as clinical support functions.
“This building is a unique asset, and a real success story for the Chicago suburban market,” said Hanson. “With ATI’s further commitment to the property through a long-term lease and the support of a private equity firm, this asset should generate considerable interest from the investment community.”