Cook County Buys Chicago-Area MOB

Cook County has acquired Arlington Heights Health Center, a 72,962-square-foot medical outpatient building in Arlington Heights, Ill., a Chicago submarket. CBRE brokered the transaction.

ACG Management sold the asset, according to Yardi Matrix information. The firm had acquired it in June 1996 from Golman Sachs Asset Management and will continue to manage the property.

Cook County Health and Specialized Education of Illinois anchor the facility. At the time of sale, the one-story building was 93.5 percent occupied to multiple tenants, offering services such as imaging, family medicine, primary care, pediatrics, women’s care and internal medicine.

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The anchor tenants have implemented more than $7 million in landlord and self-funded interior improvement allowances to modernize their suites.

Built in 1986 at 3250 N. Arlington Heights Road, the facility is close to U.S. Routes 68 and 12 and 34 miles from downtown Chicago. Other medical providers in the area include NorthShore Medical Center and Arlington Pediatrics, among others.

CBRE Vice Chair Chris Bodnar, Executive Vice President Brannan Knott, Senior Vice Presidents Zack Holderman, Mike Whisler and Brady Wolfe, Vice Presidents Cole Reethof and Jesse Greshin, along with Senior Associates Kevin Kobe and Courtney Theo, represented the seller. CBRE Downtown Chicago Tenant-Only Advisory Executive Vice President Mark Cassata worked on behalf of the buyer.

Medical office’s strong outlook

Occupancy remains exceptionally high across the medical office building sector, in line with broader market trends marked by strong investor confidence and low vacancy. Solid tenant retention and a constrained development pipeline have continued to support rent growth, helping the sector outperform in 2025, as investors favored its stable returns and durable cash flows.

Looking ahead, industry experts anticipate that momentum to carry into this year, supported by ongoing growth in outpatient facilities and ambulatory surgery centers. Investment activity is also poised to scale up, with Remedy Medical Properties and Kayne Anderson Real Estate expected to close a $7.2 billion transaction by mid-2026, which would add 18 million square feet to their combined medical office portfolio.