MedProperties Buys Chicago MOB
The two-story facility came online in 2018.
MedProperties Realty Advisors has acquired Millennium Medical Center, a 41,540-square-foot medical outpatient facility in Chicago Ridge, Ill. Old National Bank provided debt for the transaction.
Affiliated Oncologists previously owned the asset, according to Yardi Research Data. The building’s lead tenant is an affiliate of U.S. Oncology, a McKesson subsidiary. The roster also includes companies that provide services to patients with cancer and related conditions and have a long weighted average lease term.
The two-story facility came online in 2018 and was purpose-built. In 2016, the developer took out a $11.9 million loan from Old National Bank, according to the same source. The low-rise has an open, atrium entryway and about 140 parking spaces.
Located at 10604 SW Highway, the facility is close to Interstate 294 and more than 1 mile from the city center. Downtown Chicago is 20 miles away, while Chicago O’Hare International Airport is 27 miles northwest. Other medical providers in the area include Northwestern Medicine Palos Hospital, ACL Lab and Gold Rush Dental Laboratory.
During the first quarter of this year, investment in medical outpatient buildings totaled $1.6 billion, dropping sharply by 42 percent compared to the previous quarter, according to a CBRE national report. However, overall sales in the sector rose 5 percent year-over-year. The average price per square foot was $279.
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