One of the leading commercial real estate investment services firm with offices throughout the United States and Canada, Marcus & Millichap, arranged the sale of the Advocate Good Shepherd Outpatient Center, a 17,343 square-foot single-tenant net-leased property located in Algonquin, IL, according to Steven D. Weinstock, Vice President / Regional Manager of the firm’s Chicago Oak Brook office.
The property has less than two years of lease term remaining and sold for $5,000,000. Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor in a 1031 exchange, was secured and represented by Glen Kunofsky and Judson Kauffman, investment specialists in Marcus & Millichap’s Manhattan office.
Advocate Good Shepherd Outpatient Center at 2284 County Line Road sold in 52 days. This single-tenant net-leased medical facility is leased to Advocate Health and Hospitals Corporation. The subject property was constructed as a build-to-suite for Advocate in 2006. This facility features 30 exam rooms with sinks. Advocate provides comprehensive diagnostic services at this location, with imaging capabilities that include general radiology, CT scanner, ultrasound and cardiac diagnostics. The building also houses specialties affiliated with Advocate that include primary care, obstetrics/gynecology, cardiology, orthopedics and podiatry.
Advocate Health and Hospitals Corporation signed a 10-year net-lease with two, five-year options to renew. The lease is equipped with rare annual 2.5 percent rent increases throughout the base term and option periods, providing an excellent hedge against inflation.
