Greenstone Partners negotiated the sale of a multi-tenant medical office property at 1331 W. 75th St. in Naperville, a property also known as the iMed Naperville Medical Office building. The property sold for $28 million.
Greenstone Partners’ Managing Partner Jason St. John represented both the buyer, MCB Real Estate, and the seller, DynaCom, in the transaction.
Built in 2015, the property occupies 12.14 acres and is comprised of 72,468 rentable square feet, anchored by a strong tenant roster spread across 12 suites. Notably, Edward-Elmhurst, a prominent tenant occupying 47% of the leased space, is which is part of NorthShore – Edward-Elmhurst Health, and recently rebranded under the Endeavor flag, the healthy system’s bonds carry a “AA” investment-grade credit rating by Standard & Poor’s.
The property’s clinics provide patients with easy access to a comprehensive range of healthcare services, including primary care, pediatrics, orthopedics, lab services, X-ray, ENT, allergy and immunology, sports medicine, dermatology, optometry, and reconstructive surgery, all under one roof.
Upon closing, the asset was 96% leased and traded for $386 per square foot. The property is located just 1.5 miles from Edward-Elmhurst Naperville Hospital, a 294-bed facility that includes a Level II trauma center and is one of the largest healthcare campuses in the Chicago MSA. Naperville is highly regarded as a premier suburban market and was ranked #1 in Niche’s national ranking of ‘Best Cities to Raise a Family in America’.
