Mark Heidecke of Horvath & Tremblay has completed the sale of the Heights Professional Plaza in Palos Heights, Illinois.
Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $6.7 million.
The Heights Professional Plaza is located at 11721-11761 Southwest Highway in Palos Heights. The property is improved by a 67,321-square-foot two-story building (both levels are at grade) that contains 37,638 square feet of storefront retail/office/professional space and 24,000 square feet of warehouse space (all on the lower level in the rear of the property) on a 3.21-acre parcel of land.
The Heights Professional Plaza was originally constructed in 1975 and significantly renovated in 2021 and 2022, including a new roof with a 20-year warranty.
The Heights Professional Medical Plaza is 96.16% leased and is improved by a complimentary mix of local, regional, and national tenants offering products and services for the surrounding community. A majority of the tenants at Heights Professional Medical Plaza have scheduled annual rent increases throughout their primary lease terms. Additionally, a Majority of the leases also call for the tenants to reimburse any increases in real estate taxes above their respective base years, providing a steady increase in income and an attractive hedge against inflation.
The Heights Professional Medical Plaza is situated along Southwest Highway (IL Route 7), one of the area’s primary commercial and commuter corridors. The property enjoys outstanding frontage, visibility, and signage and benefits from two points of access. The primary point of access for the plaza is positioned at a traffic light along Southwest Highway. The plaza also boasts a digital sign at the signalized entrance that can be seen by oncoming traffic from both directions.
The Heights Professional Medical Plaza is surrounded by commercial and medical tenants and is well located in the northwest corner of the city. The Property offers convenient access to two Metra Stations, several highways and Interstate 294.
