Cushman & Wakefield announced that the firm represented Hollister Inc. in its sale of the Hollister Grove Medical Office Portfolio, which consists of 1800 and 1900 Hollister Drive in Libertyville, Illinois.
Cushman & Wakefield’s Gino Lollio, Travis Ives, Sushil Puria and Tyler Morss represented Libertyville-based Hollister in the $11 million sale with Skokie, Illinois-based buyer Stage Equity Partners.
1800 Hollister Drive is the is the larger of the two medical office buildings, totaling 58,000 square feet across three floors. Located on the campus of Hollister Incorporated, the property backs up against the Des Plaines River directly across from the MacArthur Woods Forest Preserve providing a tranquil atmosphere for tenants and patients alike. The building is 91% leased with anchor tenants including Advocate Infusion Center, an affiliate of Advocate Health Care; Illinois Retina Associates; and Northwest Neurology.
1900 Hollister Drive sits next door and totals 34,000 square feet among three floors. At 57% leased, the property offers some lease-up opportunity amidst a prominent healthcare cluster that includes Northwestern Medicine and United Hospital System. Anchor tenants at the building include Weil Foot & Ankle, Northshore Allergy, Northshore Primary Care and Ear, Nose, & Throat Specialists of Illinois.
The area surrounding this portfolio offers outstanding demographics, as well, with a population over 120,000 and average annual household income of nearly $175,0000.
