Marcus & Millichap announced the sale of a 401,428-square-foot, nine-foot medical office portfolio for $131 million.
The portfolio is anchored by the Illinois Bone and Joint Institute (IBJI).
John Smelter, senior director of Marcus & Millichap’s Healthcare Real Estate Group, along with Scott Niedergang, associate vice president investments, and Gino Lollio, associate vice president investments, represented the seller, a partnership consisting of a local developer and a number of physicians affiliated with IBJI.
A few key assets within the portfolio are the 86,503-square-foot, two-story steel and brick medical facility in Morton Grove; the 60,500-square-foot building in Des Plaines; and lastly, the 40,011-square-foot building that has visibility and signage from the Kennedy Expressway (I-90/94).
Other tenants in the portfolio include Advocate Health Care, NorthShore University HealthSystem, Resurrection Health Care (Presence Health), Metro Infectious Disease Consultants, and Pain Specialists of Greater Chicago.
